2.0 Flip on my street

[David Weitzel]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $28,500
Cash invested: $178,000
Sale price: $250,000

Bought a 3 unit riddled with drugs or prostitutes from the city at the tax auction, spent a year gutting and consolidating all three units in two structures to a single-family home with an exterior side entry garage. Sold it, setting a new price record for the street at the time. Thank you.

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

Fixing up my neighborhood

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

This was found through the City's tax auction, not much to negotiate it was a bidding process

How did you finance this deal?

Cash

How did you add value to the deal?

Gutted the entire home and rebuilt it

What was the outcome?

Set a new price record for the street and got rid of the drug dealers

Lessons learned? Challenges?

Regardless of what you do to the important stuff on a home the avg consumer still wants to see granite countertops lol

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

As a broker I did everything in house