I'm sorry, Did you say they countered by $300.00?

[Jodi Terrell]

Investment Info:

Single-family residence fix & flip investment in Glencoe.

Purchase price: $63,000
Cash invested: $10,000
Sale price: $100,000

Single family home with 3 bedrooms, 2 baths, hardwood floors on a great street!

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

It was a great deal! The house had sold the year before for $98,000!

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

We found this deal driving for dollars. I spoke to the neighbor and found out it was a divorce situation and they had abandoned the house. A few months later, it was available for purchase on hudsonandmarshall.com. I was the high bidder when the online auction ended but the reserve had not been met. The next day, I received a counter offer $300 higher than my bid! I was shocked!!

How did you finance this deal?

Cash

How did you add value to the deal?

The biggest expense was replacing the central heat and air. Other than that, we painted, replaced both bathroom vanities and a couple of light fixtures!

What was the outcome?

We made about $25,000 with very little effort!

Lessons learned? Challenges?

Start placing bids because you never know what they're willing to take!