304 n 10th Ave Duplex

[Hugh Sutherland]

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $25,000
Cash invested: $1,500
Sale price: $45,000

This was my first deal!! It was a blessing for sure!!

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

Well first I was going to keep it, then I was just going to wholesale it. But being that I had just started out I had no buyers on my buyers list!! I scrapped enough money together to close on the property. Once I really dug into the property, it looked to be to much work being I was tapped out.

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

I had been reaching out to everyone that I knew that had rental properties asking if they had any they wanted to sale. It was such a sweet deal even a rookie could not pass it up. It was the easy negotiation ever, I asked how much they wanted for it and she said $25,000....I just about jerked her arm off trying to get it. I thought this **** is going to be a cake walk. Boy was I wrong!! More like beginners luck!!

How did you finance this deal?

Savings

How did you add value to the deal?

Cleaned up yard, cut a few trees, cleaned out the vacant apartment and pressure washed the property

What was the outcome?

Listed it on the mls and sold it to the 3rd investor that looked at it, since then I've sold him another property and are working on a few more now.

Lessons learned? Challenges?

Inspect properties better, have buyers lined up before close of escrow

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

Yes Hillary Copeland with EXP