First flip: distressed DC condo with holdover tenant

[Ross Dannenberg]

Investment Info:

Single-family residence fix & flip investment in Washington.

Purchase price: $130,000
Cash invested: $55,000
Sale price: $255,000

Bought distressed unit with holdover tenant. Had to evict then full rehab.

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

Wanted first hand experience

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

Found on Zillow. Self negotiated.

How did you finance this deal?

NA

How did you add value to the deal?

Was willing to go through eviction process in DC. It’s not for the faint of heart.

What was the outcome?

Good experience And made some profit in the process.

Lessons learned? Challenges?

Eviction always takes longer in DC.

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

NA