2 Bed Condo > Converted to 3 Bed and Remodeled = Sold for Record Price for a Profit!

[Robert Adams]

Investment Info:

Condo fix & flip investment in Las Vegas.

Purchase price: $275,000
Cash invested: $294,000
Sale price: $355,000

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, We resold for $355k which was the highest recorded sale in the community EVER! As I update this on 2/1/2025 it is still the highest recorded sale.