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