Faribault townhome flip

[Matt Powelson]

Investment Info:

Townhouse fix & flip investment.

Purchase price: $205,000
Cash invested: $12,000
Sale price: $300,000

1500 sq foot townhome with unfinished, full walkout basement. Bank owned property. Townhome needed all cosmetics on the main floor. Asking price of 200, multiple offer scenario. My offer was 205, no inspection (I am the inspector), no seller concessions, close as soon as title can complete paperwork.

Worked a couple months of nights/weekends, spent more time at home with my family than working. Main floor completely updated, basement left unfinished as projected sale price increase didn’t warrant the work/time to complete.

Closed on 6th of June.

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

Easy job. No exterior concerns as hoa controlled upkeep.

I like money.

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

Wife is a realtor and she pursued the deal.

How did you finance this deal?

80% interest only bank loan, 20% down, cash for fix

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

Samantha Powelson - remax advantage plus in Faribault.