Hialeah apartment Flip

[Eric Hedo]

Investment Info:

Condo fix & flip investment in Hialeah.

Purchase price: $100,000
Cash invested: $77,000

Closing will be by Dec 20th.
100,000 Purchase Price | 265,000 ARV Sell Price
1,000 Purchase closing fees
77,000 Rehab
7,000 Holding costs
15,900 Realtor fees
3,000 Selling closing fees
10,780 Interest to be paid to our Private Money Investors
221680 Total expenses
50,320 Expected Profit

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

Required a complete rehab, and the seller was flexible in providing financing.

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

Through the sphere of influence. I was helping an investor friend buy this property, but he ended up not purchasing it. After which I proposed the sellers, finance it directly to me. Which after some consideration and some back and forth they did.

How did you finance this deal?

10% down-payment and 90% Owner financing.

How did you add value to the deal?

Complete renovation gutted the whole apartment and re-did everything new.

What was the outcome?

Tasteful higher-end finishes and modern open concepts, plus brand-new appliances. Was able to market on the MLS for top dollar.

Lessons learned? Challenges?

Building a responsible and driven contractor team is paramount to success. We had delays with the kitchen contractor, for over a 4-month delay. All other contractors were fair, serious, and dependable and I will definitely use those again.

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

Butler Title was great during the purchase transaction. And I am using them to represent me as the seller. As a realtor, I represent the LLC which I am a managing member of, which was the vehicle used for the whole transaction. Also as a realtor, I get to earn 3% of the transaction fees which is a personal income and different from the company income. The buyer's realtor also earns 3%.