Condo Fix & Flip in Akron Ohio

[Michael Magno]

Investment Info:

Other fix & flip investment in Akron.

Purchase price: $28,000
Cash invested: $10,000
Sale price: $54,000

The was my second fix and flip. It was a small condo, and the price was right. Originally listed for $42,000 I was able to negotiate the price down to $28,000 (Cash Purchase). The property needed light cosmetic repairs. We spent about $10K to rehab the property and sold it less than 90 days later.

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

Since it was a condo, I didnt have to deal with exterior repairs. The price was right as well, since I was a new investor.

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

It was a property listed with my office. It had been on the market off and on for over 3 years. The owner was out of state. We offered $25,000 Cash with no contingencies and were able to get the property for $28,000.

How did you finance this deal?

Cash

How did you add value to the deal?

Stiff negotiating, and limited rehab.

What was the outcome?

Sold the property about 90 days later for a NET profit of $10,000K. Not a bad return on $38,000 invested.

Lessons learned? Challenges?

Even the smallest rehabs have challenges.

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

I am a Realtor, so I represented myself.