Grand Ave Condo : originally a buy and hold turned flip

[Michael Zau]

Investment Info:

Other fix & flip investment.

Purchase price: $170,000

Referred by realtor. Asked for referrals for about 14 months. Still in Rehab, it does rent for 1800 if we decide to keep it. Financed the whole purchase using private and hard money.

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

still a profit deal

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

with a realtor that I have a personal relationship. seller wanted to sell a very poorly taken care of condo.

How did you finance this deal?

110% financing using private money

How did you add value to the deal?

as a loan officer and advisor, I didnt charge the partnership and fees or points. Also utilizing my background in private money as a broker, helped in getting investors in the deal

Lessons learned? Challenges?

communication by me is challenging since I have the unfortunate ability to be a systematic empath. When it hits the fan, I go running and that is a terrible trait to have. So taking it in the emotional shorts is a great learning lesson.

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

real estate agent, mortgage broker and private investors. also using laborer's after their regular hours to get lower cost rehab cost helped get the costs down.