Shiro Dr fix n flip sells for 10% off list

[Mahmud Marhamo]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $210,000
Cash invested: $21,000

currently under contract with a cash buyer at 305k

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

new build, easy rehab with hopefully no surprises being so new

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

foreclosure lead, I negotiated it by offering cash immediately and walking away from all other responsibilities related to the house. also, by letting him know that his credit will improve by stopping the foreclosure and hell be able to purchase a house in the future.

How did you finance this deal?

subject to and private money. I borrowed the money to reinstate the loan and pay out the seller, and rehab the house. I then took over current mortgage payments during the rehab

How did you add value to the deal?

rehab , new flooring, paint, light fixtures, and landscaping.

What was the outcome?

listed at 339k and accepted cash offer at 305k

Lessons learned? Challenges?

comps range from 330-360k however the market has cooled and out of fear of the property sitting or not closing with a financed offer we took a low cash offer. luckily this property had a lot of equity and the ability to do that.