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Updated almost 5 years ago on . Most recent reply
First BRRR Project in Las Vegas w/out Any Knowledge in REI
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.
Most Popular Reply
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.