Fix and Flip in Detroit 48213

[Todd Douglas]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $2,000
Cash invested: $60,000
Sale price: $91,000

Bought this one from WCLB with the intention to fix it and sell on market to homeowner. Ran into many problems with contractors along the way, paid for some material twice as well as some projects to be redone. Was thankful that this one was finally over.

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

Was hoping to get at least 115k based off what comps were. This was my first flip that was intended to be for homebuyer.

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

Bought this from County Land Bank

How did you finance this deal?

Cash and Hard money

How did you add value to the deal?

Improved the property from its original state

What was the outcome?

Sold and made profit

Lessons learned? Challenges?

Either myself or project manager wen I don't have time, because most contractors need daily supervision.

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

I am the real estate professional and I worked with hard money lender

[Todd Douglas]

Quote from @Vid Vin:

Was the house really for 2000 dollars? dirt cheap! 

 Yes the house was  $2000 from Wayne county Land Bank. It was a big project in terms of the amount of work it needed, I just ran out of time with my lender going through the garbage with the contractor, finding a new one, and finishing taking the longest. other than that I would've let it sit on the market to get closer to what I actually wanted for the property.

@Jaycee Greene Yeah it is easy for one to get discouraged when buying this type of project but I must say they are decent when trying to start low and build capital, that way you dont have to deal with **** properties or mediocre neighborhoods again. 

@Wendy Patton Yes! Though it wasn't what I planned or expected, just glad its over and was able to move on to different project. Just decided to get back into retail real estate too so, back helping fellow investors and Home Owners acquire property along with my own projects this should be fun lol.

@Drew Sygit Very true, Detroit is definitely block by block market.