Condo found on Facebook Marketplace

[Wesley Charles]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $155,000
Cash invested: $90,000

A condo I found on Facebook. Talked the seller down from $190k and partnered with my mentor on it. I borrowed the 90k from my dad, none of my cash is in the deal except for minimal purchases of supplies. We are hoping to put it on the market next week and get $220k.

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

I got the condo for a good price and it was my first deal.

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

I found it on Facebook and negotiated on the Facebook Messenger with the seller, as well as in person. This home came out of a trust into the sellers name so I also negotiated with the sellers lawyer.

How did you finance this deal?

90k borrowed from family, my partner brought the rest. (125k)

How did you add value to the deal?

I found the deal. I did all demo on the deal. My partner and I have gutted the apartment and fixed everything.

What was the outcome?

TBD

Lessons learned? Challenges?

Working with a property which is held in trust is very difficult. There are a lot of moving pieces. It was very interesting to go through this process for my first flip.

There is a lot hiding behind cabinets and flooring.

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

We did everything internally.