Hoarder Condo Clean and Flip

[Account Closed]

Investment Info:

Condo fix & flip investment.

Purchase price: $158,500
Cash invested: $7,500
Sale price: $200,000

Hoarder condo acquired through foreclosure auction. I'm still finding things from this property in my garage.

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

From looking at the same model of condo in this complex the purchase price left plenty of room for profit, even with an HOA lien.

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

Online foreclosure auction

How did you finance this deal?

Private money

How did you add value to the deal?

This was a hoarder house. The previous owner ran a wig boutique from home. There were about 12 contractor bags full of mannequin heads in addition to a wig dryer, 3 boxes of wigs (donated to a cancer charity), lots of carpet stains and general filth.

What was the outcome?

Because it was only cleaned rather than fully renovated it wasn't top of market, but the discounted price relative to other identical units attracted a buyer.

Lessons learned? Challenges?

If I had the bandwidth/subcontractors to execute a full remodel that would have been ideal, but at this time I was doing most of the work myself.

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

I was the owner and real estate agent for this transaction