Two Bedroom Condo

[Jorge P.]

Investment Info:

Condo fix & flip investment.

Purchase price: $210,000
Cash invested: $30,000
Sale price: $315,000

This was a condo we purchase off our tax lien list. Homeowner needed a fast cash sale & we were able to deliver. The property needed new kitchen & bathrooms.

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

The price & the amount of work needed to resell.

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

Tax Lien list. I listen to the seller and his needs. This allowed me to negotiate a win win transaction.

How did you finance this deal?

Cash

How did you add value to the deal?

Renovated Kitchen, 2 bathrooms & installed new furnace & condenser.

What was the outcome?

A very happy buyer who loved the renovated unit so much she paid over asking.

Lessons learned? Challenges?

- Work is work. Just because its a cosmetic flip it doesn't mean you won't be less involved.
- Not to over itemized scope of work. Some times is best to give a subcontractor most of the work (it could save time & money)
- Found out that different towns have different reselling requirements.