Fix and flip town house

[Jesse Steven Jordan]

Investment Info:

Townhouse fix & flip investment.

Purchase price: $345,000
Cash invested: $12,000
Sale price: $625,000

This was a 3 bed 3 bath townhouse I bought at auction, It only needed paint and cleaning. It had travertine floors and plantation shutters. The biggest issue was the former owner refused to leave.

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

The possible upside, It was in a nice neighborhood,

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

I bought it at a courthouse auction, not much negotiation.

How did you finance this deal?

Auctions are all cash

How did you add value to the deal?

had the floors cleaned, painted the walls and cabinets, replaced appliances with new stainless steel.

What was the outcome?

It was slow to sell, we were looking for top dollar but, we ended up getting our price.

Lessons learned? Challenges?

I tried to negotiate with the former owners for the keys, I offered them $5000 to move out in 30 days, they refused to leave after the 30 days so I started the eviction process, I should have started the eviction before negotiations that would have saved me a month and possibly made them see it was urgent.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Penny Jordan at Keller Williams Simi Valley