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

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.

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

The Value add of 2 bed with a den being able to be converted into a 3 bedroom. The comps for a 3 bed were drastically higher than the 2 beds.

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

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 wit

How did you finance this deal?

Cash from self directed IRA accounts

How did you add value to the deal?

Remodel
#rd Bedroom conversion by building a closet (the window and door were already there).

What was the outcome?

Sold for record price and a great profit!

Lessons learned? Challenges?

Look for value ads and opportunities in variations of the comps