Fix and Flip on Novation

[Gwen Stavros]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $310,000
Sale price: $528,000

SFR purchase converted to Novation Agreement.

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

This was an expired listing. Direct to seller.

How did you finance this deal?

After meeting with the seller, I realized he didn't need the proceeds right away, and saw the potential for an Novation. I renovated the property while he held title and assigned a replacement buyer in my place at the end to save on down payment and holding costs.