A partnership gone totally Right!!!

[David Michael]

Investment Info:

Single-family residence fix & flip investment in Paramus.

Purchase price: $396,000
Cash invested: $115,178
Sale price: $695,000

Home purchased from the sheriff Sale. Partnered with old friend. He used finance of America to secure the funding for purchase.

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

My specialty is Foreclosures and New construction so this was a right up my alley. The price was attractive and the house needed some TLC

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

This house was purchase and found through the sheriff sale.

How did you finance this deal?

We financed the redevelopment via our cash and purchase through Finance of America.

How did you add value to the deal?

This house was a hoarder house and rented by rooms. Neighbors informed us that there was several people living in the house over the years. Although the layout was different we made this home a four bedroom 3 full bath beauty. I couldn't tell you the previous use lol

What was the outcome?

Using my connections in the Realtor world I was able to list and bring an offer to the table.

Lessons learned? Challenges?

The challenges is working with someone else. My partner made it easy by stepping up and saving a lot of money with his sweat equity.