90 day flip!

[Shane Dolinski]

Investment Info:

Townhouse fix & flip investment.

Purchase price: $135,000
Cash invested: $65,000
Sale price: $345,000

Had an opportunity to purchase this property from the owner...I own the next door home, it is an Airbnb. The owner at the time spiraled into dimentia, and his son wanted a quick sell to help pay for his home care. Complete renovation!

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

I know of the property and the owner's issues so this was an easy move for me. I know it was complete renovation and the ability to rehab this property and increase the value of my house next door was appealing.

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

When I foulnd out the owner had dimentia I reached out to his out of state son and offerred him a stay at my Airbnb, next door. I told him I could list his home or if he preferref I could buy it cash and close quickly for wholesale pirce. He chose the WS route and we made a deal.

How did you finance this deal?

Cash

How did you add value to the deal?

Conplete renovation from floor to roof and stucco and everything in between.

What was the outcome?

Huge profit on a 90 day investment

Lessons learned? Challenges?

The contracto I used needed baby sitting and the attention to detail was lacking so half way through the reno I was more particular and communicated my expectations clearly and ofter

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

I am a licensed broker in NM