Fix and Flip

[Kelvin Ventura]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $210,000
Cash invested: $50,000
Sale price: $350,000

4 beds 2 baths 1 car garage single family home.

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

during the pandemic prices were up and this was a under market value purchase.

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

I Found this deal on Craigslist one morning, I negotiated making 1 payment of the owner's hard money interest payment, until my hard money lender was able to finish appraisal and title was cleared.

How did you finance this deal?

I used a Hard Money Lender who Financed 75% of Purchase Price, and I found 3 Gap funders that paid for the remaining 25% for a 20% cash on cash return.

How did you add value to the deal?

Updated bathroom, kitchen, flooring, garage paint and new appliances

What was the outcome?

fix and flip sold for a profit.

Lessons learned? Challenges?

Contractors should be paid with a credit card and check your appraisal report make sure they use good comps in the area. Not in a different zip code.

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

I worked with WE LEND LLC to finance this project.