Handed Down Investment Property

[Peter Dimaira]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $81,000
Cash invested: $40,000

I was given this property by my grandfather in exchange for 81k liquid cash exchange. I was still a teenager hen I purchased this property but since it went into a trust, my parents saw the paperwork through. I recently sold it for 246,000

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

I was young, it was a gift in exchange for my life savings.

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

Family transaction

How did you finance this deal?

Cash

How did you add value to the deal?

Time and remodeling

What was the outcome?

500% profit

Lessons learned? Challenges?

Don't do business deals with family they get salty.

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

No