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Updated over 1 year ago,
Great opportunity from someone who was in forbearance
Investment Info:
Single-family residence fix & flip investment in Greenville.
Purchase price: $308,000
Cash invested: $70,000
Sale price: $483,000
Property where owner had double mortgage and had gone through forbearance so it created a great opportunity to buy at a low price.
What made you interested in investing in this type of deal?
No major issues so was a very straight forward update from the early 2000's style to a more modern style. HVAC and plumbing work done but no electric other than adding some lights. Lots of landscaping potential to make it have better curb appeal!
How did you find this deal and how did you negotiate it?
Hit the MLS overpriced and was rapidly dropping price every week. Reached out to the agent and also looked and saw that the owner had a double mortgage so I knew she had to move out quickly. Made an offer 100k under their original asking price and got it since seller needed the money fast.
How did you finance this deal?
Conventional 20% down
How did you add value to the deal?
HVAC, Landscaping, Plumbing, floors, paint, cabinets, bathroom remodel, landscaping
What was the outcome?
A little under 100k total profit after closing costs (Licensed agent so didn't have to pay a sellers side commission)
Lessons learned? Challenges?
Took a little longer to get the work done than expected, so needed to plan for a little more time.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
If you are interested in buying or selling in Greenville I am constantly looking at deals for myself and other investors!