First Condo Flip - First time to use a JV agreement

[Madeline Gerow]

Investment Info:

Condo fix & flip investment.

Purchase price: $150,000
Cash invested: $40,000
Sale price: $215,000

Flipping a condo with a JV agreement. Lots of fun plus it sold quickly!

What made you interested in investing in this type of deal?

This was my first condo to flip, usually I do single family. I wanted a different experience and I ended up loving it! I want to do more condos now!

How did you find this deal and how did you negotiate it?

I work with a local realtor who advertises. We ended up doing a Joint Venture together. It was a really great experience, highly recommend it. Especially for newer investors.

How did you finance this deal?

Private funding.

How did you add value to the deal?

New materials and paint, fixed the minor issues, updated technology, had the HOA involved.

What was the outcome?

Awesomeness.

Lessons learned? Challenges?

Lesson = I love condos! HOAs are great for fixing things for which they are responsible (at least this time).