4 Unit Off market flip in Panama City Beach Florida

[Kavin Kuykendall]

Investment Info:

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

Purchase price: $620,000
Cash invested: $20,000
Sale price: $727,000

Source: Cold Call
Purchase: Off market with owner financing.
Price: $620,000.
Loan:
$20k down,
3 year balloon,
4% interest amortized over 30 years.
Sale: $727,000

This was a 4 unit property located a few blocks from the beach in Panama City Beach Florida.
We decided to sell due to the amount of work needed with no renovations and sold for $727,000 less than a year later. Net return was 248%.

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

I believe in the power of small multi family

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

Cold Call. Direct to seller

How did you finance this deal?

Owner Financing

How did you add value to the deal?

Buying under market value

What was the outcome?

248% return on capital

Lessons learned? Challenges?

Always do your due diligence and buy low. We found a septic issue after closing because we didn't inspect. This could have killed the deal for us if we had paid much more.

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

I was there agent on buy and sell.