Fix and Flip 8221 Sands Point

[Ikenna Okoye]

Investment Info:

Townhouse fix & flip investment.

Purchase price: $74,000
Cash invested: $25,000
Sale price: $138,000

Fix and Flip using the Novation agreement method. This allowed the purchase to be paid off at the sale closing and minimal upfront capital to be used.

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

Low cash barier of entry

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

Found it through my contractor and negotiated directly with the seller

How did you finance this deal?

Novation agreement and personal LOC

How did you add value to the deal?

Rehab of the two bathrooms and cosmetic updates throughout

What was the outcome?

made a profit of $25k

Lessons learned? Challenges?

Have a full scope of work laid out from the beginning of everything you want done to meet your budget, this allows you to buy right as well.

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

Dwayne Pano - agent, highly recommended