Our second house-hack fix & flip underway!

[Rita Maria Da Silva Collado]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $375,000
Cash invested: $50,000

Our second house-hack underway.

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

This community is amazing, houses simply do not stay on the market. This house was a hot REO mess. The lot is huge for Miami standards and there was a resort pool to boot.

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

My husband found it, during his morning bike-rides. The house was vacant and unattended. I did tons of digging, somehow found the listing realtor and called-him, every week, from March to September. When they finally listed the house, it was 70k more than we could pay.

How did you finance this deal?

VA loan

How did you add value to the deal?

Some serious renovations as underway. New fence- thanks hurricane Irma. Completely gutted 1 bathroom, second bathroom work in permitting process now. New drywall, new paint, popcorn ceiling-removal in progress. Repairing all the termite damage...

What was the outcome?

Project in progress.

Lessons learned? Challenges?

Be persistent.
It took 6 month to even get a sales price. It took 3 rejected offers. It took selling our old house 3 times, to secure the funds for the closing costs. And now, we are taking it one room at a time.

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

worked with realtors, none which I would recommend so far. Worked with a couple of contractors & handyman. Lots of trial an error.