2nd Flip-SFH-Termite Damage

[Adam Soyak]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $50,000

Cash invested: $100,000

Sale price: $142,000

Estate Sale, cosmetic upgrades with termite damage

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

Estate Sale-Family member
no negotiation-paid what the family needed

How did you finance this deal?

Cash purchase including rehab

How did you add value to the deal?

Removed termite damage, cosmetic repairs, and replaced electrical

What was the outcome?

Sold house to neighbor renting next store. No realestate involved.

Lessons learned? Challenges?

Taxes were in issue because it was a senior that living in the home prior. I inherited the taxes from the prior year as a non-senior, AKA no discount. That additional cost came out of my profits at time of sale.