Fix and Flip #11 purchased off market using private investors.

[Gus Muller]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $210,000
Cash invested: $15,000

Fix and Flip #11 purchased off market. First time using private investors. Investors purchased the property, I provided the deal and the light rehab. Profits will be split 3 ways.

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

Solid rambler that was really dirty. Furnace was one year old. Vintage mid century modern charm and untouched since 1950. A light rehab will go a long way, and it will be an affordable option when we list it for this area of Minneapolis.

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

Craigslist. Sellers agent was looking for a cash deal before listing it and we delivered.

How did you finance this deal?

Private investor cash.

How did you add value to the deal?

Major cleanup and donation of goods to charity. We will address all safety related issues with the home, new appliances, deep cleaning, landscaping, and required city of Minneapolis Truth In Housing inspection.

What was the outcome?

It should be good I will add comments when we list and sell.

Lessons learned? Challenges?

It takes a long time to go through someones personal property and deem what should go to donation and what should go in a dumpster. And boxing, transporting everything as well. This has really slowed down the project and I will look to outsource this in the future.

[John Woodrich]

@Gus Muller if you run into another house with a lot of HH items I would reach out to local thrift shops (not the national ones).  Some of them will do the clean out at a reduced rate as they would be grabbing items to sell.