Fix and flip multi family

[Andres Ospina]

Investment Info:

Small multi-family (2-4 units) fix & flip investment in Lyndhurst.

Purchase price: $350,000
Cash invested: $200,000
Sale price: $730,000

Purchased this legal 2 unit multi family home.
Doing a complete gut rehab , adding bedrooms , square footage.
Will either sell it or BRRR and keep it long term.

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

I had several options out of the deal.
Was intending to BRRR. But got a phenomenal offer.

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

A local agent brought it to me.
I offered a quick closing to assist the owner in avoiding foreclosure and offered to buy it as is with the tenants belongings.

How did you finance this deal?

Hard londh

How did you add value to the deal?

Added 2 bedrooms, renovated it completely and changed the layout.

What was the outcome?

Sold it for a nice profit.

Lessons learned? Challenges?

Didn’t notice the main water line was lead and had to replace it. Now I won’t over look water lines.

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

My real estate team assisted in the sale.