Fix, Flip, Seller Finance
Investment Info:
Single-family residence fix & flip investment in Waco.
Purchase price: $74,500
Cash invested: $49,000
Sale price: $135,000
Two firsts in one deal! Flipped my first place and subsequently sold it using seller financing.
What made you interested in investing in this type of deal?
Mainly for the experience. I had never "flipped" a house before and wanted to see what all the hype was about. Long story short, it's not for me.
How did you find this deal and how did you negotiate it?
Found it on Zillow
How did you finance this deal?
Bank loan
How did you add value to the deal?
Added a bathroom, making it a 2/2, then opened it up to less qualified buyers by offering financing.
What was the outcome?
Currently holding the seller finance note. All payments are current and everything seems to be going according to plan... * knocks on wood *
Lessons learned? Challenges?
Don't expect to flip a home remotely, 4 states away unless you have a trained and trusted PM that can oversee the job beginning to end.