Flippin' in the Hood

[Joshua Poitras]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $249,221
Cash invested: $38,221
Sale Price: $305,000

*Scroll Down through Pics. 

Contributors:
Mo Maruping

A fix flip that Mojo Realty completed back in 2015, just a standard fix and flip. Some of the major learning points were be aware of the type of neighborhood your buying in. Additionally, be very cognizant of spalling, flaking or bubbling drywall. In the end we had to make numerous structural repairs because of hidden waterlogged structural components. All in All, with a small addition in funding we were able to make out fairly well in this deal. Came out to be a very nice project.

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

Wanted to apply our flipping teachings.

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

REO on MLS

How did you finance this deal?

Combonation of Hard Money with Private Investment Money.

How did you add value to the deal?

Project Management.

What was the outcome?

Fair Amount of Profit. Enough to keep in the buisness circulation.

Lessons learned? Challenges?

Learn how to assess neighborhoods. Be aware of wet, bubbling, spalling and flaking drywall, its likely filled with water and if abondoned for awhile, the structural members are rotted out.