Fix and Flip #10 off market deal

[Gus Muller]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $190,000
Cash invested: $70,000

Fix and Flip #10 off market deal. Almost completed will be on market in a few weeks.

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

Great location, solid rambler purchased off market from original owners.

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

Craigslist and negotiated it with sellers agent.

How did you finance this deal?

Cash from our HELOC.

How did you add value to the deal?

Full remodel.

What was the outcome?

We will wrap this one up shortly and should list for $360-$380K.

Lessons learned? Challenges?

Buying property in the winter in MN has its challenges. We had so much snow there was no way to evaluate the concrete conditions. The stoops were shot in the back and also the walkways. $5,200 to have that repaired. Luckily, I always have a 15% overage calculated into my budgets for these types of scenarios.