first out of state investment

[Warren Smith]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $25,000
Cash invested: $25,000
Sale price: $90,000

Starting a fix and flip, purchase from probate, starting the rehab process. 2/1, 900sf, total gut, remove a kitchen to living room wall to open it up. Plan is to re-roof, clean up yard, paint, windows, doors, floors, electrical, plumbing, kitchen and bath. Working with out of state realtor and contractor for the first time. Estimated ARV $90k.

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

Working with a friend out of state who has past history of similar deals in FL and MT.

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

Friend lives in the area, he found deal as a pocket listing.

How did you finance this deal?

HELOC for purchase and rehab

How did you add value to the deal?

complete rehab

What was the outcome?

still pending that!!!

Lessons learned? Challenges?

currently learning how to maintain contact with realtor and contractor.

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

Missi Adkins (Ashland KY)