Over a year to close!

[Vincent Reid]

Investment Info:

Single-family residence fix & flip investment in Columbus.

Purchase price: $11,000
Cash invested: $25,000
Sale price: $79,900

This was an off market deal. New kit, bath, paint carpet, etc

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

The deal was brought to us at a great price.

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

We bid low because the property was in distress.

How did you finance this deal?

Cash

How did you add value to the deal?

Total rehab.

What was the outcome?

It took over a year to close. After we agreed to purchase the seller filed for bankruptcy. But it worked out in the end.

Lessons learned? Challenges?

The appraisal came back 10k below asking price. The other agent actually fought to get the appraisal back up.