1st Deal. Lots of learning, very little earnings.

[Danny Daniels]

Investment Info:

Condo fix & flip investment.

Purchase price: $64,900
Cash invested: $16,000

1st property.
Condo purchased from an estate in probate. Fully Renovated, just listed for sale today, 2/27/25 . Orignally purchased as a rental, but some unforseen circumstances have caused us to pivot to fix/flip model on this property.

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

The cost for the unit was about 40% below market value.

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

Online auction house listing.

How did you finance this deal?

Commercial loan.

How did you add value to the deal?

Full renovation of the property.

What was the outcome?

Listed for sale

Lessons learned? Challenges?

Lesson 1: Probate takes forever, this one took 6 months, and no one but ourselves had any desire to speed the process along.
Lesson 2: Condos with HOA should be investigated thoroughly. Personalities and business practices vary widely.
Lesson 3: Be willing to pivot to avoid potential future concerns, and know that a small win, or breaking even is better than a total loss.
Lesson 4: Commercial loan process was great to learn and now I have built a relationship with a commercial lender.

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

Local real estate Agent Michael Rush out of Saginaw.