Garrettsville, OH · Member since 2017 · 26 posts · 14 votes
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $66,500 Cash invested: $60,000 Sale price: $145,500
The house had a garage turned into a mother in law suite. The property was in complete distress with sitting water in basement. The home inspector did not do a good job with inspection. We kept finding surprises through out
What made you interested in investing in this type of deal?
Hot neighborhood
How did you find this deal and how did you negotiate it?
Paid asking price in multiple offers
How did you finance this deal?
Heloc and hard money for rehab
How did you add value to the deal?
complete rehab
What was the outcome?
Did not make the 50k I anticpated. I learned a lot on how to get everything in writing with contractors using the fat pay method.
Realtor · Hanover Twp, PA · Member since 2018 · 3k+ posts · 3k+ votes
7y
@Lauren Patrick, congrats on completing the flip. It isn't always about making a boat load of money. Sometimes breaking even or a modest gain is all that is feasible.
What kinds of things did the inspector miss that you think he/she should have found? Also, were utilities on for the inspection? With very distressed properties that isn't always possible.
Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
7y
You rarely make as much as you think, especially when starting. But the education is worth its weight in gold and the small profit is a nice cherry on top.