Dirty Condo Fix N Flip

[Jesse Harris]

Investment Info:

Condo fix & flip investment.

Purchase price: $112,000
Cash invested: $50,000
Sale price: $215,000

Seller financing on a full interior gut and repair

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

Seller financing with a low down payment

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

Friend of a friend held this rental for 30 years and wanted to get rid of it.

How did you finance this deal?

Seller financing with interest only payments and a balloon payment at 12 months

How did you add value to the deal?

Financial tracking, self-performed demolition and some renovation, contracted subs

What was the outcome?

$30k in profit, sold in 15 days

Lessons learned? Challenges?

Learned to contract out work in order to keep a solid schedule. Could have flipped much quicker and done 2 deals in the same amount of time

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

Yes