First BRRR Project in Las Vegas w/out Any Knowledge in REI

[Jiawei Zhao]

Investment Info:

Other fix & flip investment in Las Vegas.

Purchase price: $89,000
Cash invested: $132,000

The first fix and hold property I bought without any knowledge in real estate investing.

A condo in a C+ area.
Bought from a wholesaler (introduced by a family friend) at below market price.
Listed purchase price $89,000. Final price + closing cost $116,000
Rehabbed cost $16,000
The unit is still vacant

So far, it's been a mess. I haven't done re-analyze this deal yet. Will keep you guys updated.

[Brad Bellstedt]

Yeah, this definitely doesn't seem right from the few details that we have before us. Did you use an agent or were you self represented? If you didn't use an agent, I recommend that you do in the future. If not for the whole transaction at least to look over the contracts and give you an idea if something doesn't look right.