Updated about 4 years ago on .
Property deemed "Broken House" by other club investors.
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $70,000
Cash invested: $91,000
Sale price: $204,500
Foreclosure property, needed foundation work in addition to a full gut reno. The amount of time was due to COVID shutting down the courts and making us wait on title. We had to sue the County to get the title, then then project only took about 3.5 months.
What made you interested in investing in this type of deal?
Sometimes, we do deals most others are afraid of.
How did you find this deal and how did you negotiate it?
This was a foreclosure at a County Auction.
How did you finance this deal?
Paid Cash - personal/business funds. Did not use a lender.
How did you add value to the deal?
Full gut renovation of entire property.
What was the outcome?
This was bought as a 3/2, but turned out to be a 4/2. We did foundation work and a full renovation of entire property. Sold for asking to first buyer.
Lessons learned? Challenges?
Do more background on properties before auction bidding.
