Summerlin, Las Vegas Condo Flip and Value Add

[Robert Adams]

Investment Info:

Condo fix & flip investment.

Purchase price: $275,000
Cash invested: $294,000

Seller was behind on pay HOA payments and in risk for losing the property. Had equity but couldn't access it. I had a good relationship with the listing agent and was able to structure a below value deal (beating out iBuyers and other investor offers). The property was in horrible condition, pet odor, lots of deferred maintenance etc. I provided a free rent back for 2 weeks so the seller could get her funds and relocate. I also released my EMD after contingencies so she has some cash to work with in the meantime. The property is a 2 bed 2 bath with a den and a 1 car garage. I intend to add a closet to the den and make it a 3 bedroom adding value as well as remodel the entire unit. After a rehab budget of $20k, I will relist for $369,999 which will be the cheapest 3 bed, 2 bath, 1 car garage in a 2 mile radius.

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

ARV potential

How did you finance this deal?

Self Directed IRA Funds

How did you add value to the deal?

added 3rd bedroom and remodeled unit

What was the outcome?

Remodeling now and then selling

Lessons learned? Challenges?

Knowing the sellers needs will win bidding wars.... It's not always just about the price