Small profit big lessons

[Saxxon Rybski]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $330,000
Cash invested: $80,000
Sale price: $440,000

In summary, it was purchased for 330k (subject two) putting 30k down (21k for arrears, 5k to the seller, and 4k for closing cost).
My PITI was $1100 (1100 x 10 months = $11000) $11,000 holding cost
utilities were $2500
80k in repairs
sold for 440k
440 -330-80-11000-2500 = $16,500 total profit
https://www.zillow.com/homedetails/2033-Devonshire-Dr-Sierra-Vista-AZ-85635/7395567_zpid/

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

learning how to help people out of impossible situations.

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

Virtual Driving for dollars

How did you finance this deal?

Subject to

How did you add value to the deal?

A lot of sweat equity and a total remodel of the property.

What was the outcome?

I was able sale the propperty

Lessons learned? Challenges?

first of which is always to have 2 to 3 well-thought-out exit strategies. Second, make sure you get 3 to 5 contractor bids off of your SOW not what they think needs to be done. Third, Make sure your contract is as detailed as possible especially. how draws will / be paid, who is responsible for buying materials, how to handle change orders, and finally set up penalties on your contractor for going over schedule.