1st Fix & Flip Deal in Broward County, FL.

[Ivy Sanmiguel]

Investment Info:

Single-family residence fix & flip investment in Hollywood.

Purchase price: $88,000

Contributors:
Anjlia Holiday

Project: Complete demolition of 2/1 SFR.
Expanding to 1,200 sq ft. and making it a 3/2.
Expected completion of the project by: Apr 2019.

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

We saw an opportunity to take advantage of a big lot in and up and coming area in Hollywood, FL. It's a great location, schools, parks, highways and beach nearby. Lots of families are moving into the area and many houses are being rehabbed too.
We found a solution to build a NEW bigger house being cost efficient and add value to the property.

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

Through a wholesaler. Analyzed the numbers and came back with a reasonable counter offer that worked for all parties.
We put it under contract and we were able to walk the property with our GC.

How did you finance this deal?

Cash and a private loan to be paid with interest at the end of the project.

How did you add value to the deal?

By demolishing an unlivable 2/1 747 sq ft. SFR
Turning it into a NEW 3/2 1,200 sq ft. SFR

Lessons learned? Challenges?

Still learning lessons along the way. The main ones has been patience.
Deals are offered to one on a daily basis but that doesn't mean they all work. It's a numbers game and there is no emotional attachment to any project; they are business. We had a house under contract and we had to walk away during inspection period. We've walked many houses, placed many offers and contracts and we finally closed one that works for us.
Also learning about PUBLIC services like FPL, Water, permits, etc..

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

I partnered in a Joint Venture with Thomas & Holiday Holdings who gave me access to their team and provided their knowledge and experience in Real Estate to make this happen.
As a 1st time investor I believe it's very important to be humble enough to realize that it's best to team up and learn from other experienced investors. Then pass it on.