Farmingdale fix and flip

[Michael Totino]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $171,000
Cash invested: $50,000
Sale price: $395,000

The original owners passed away and were hoarders. The son lived in California and just wanted a quick and easy as-is deal.

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

Out of state motivated seller

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

Ex girlfriend

How did you finance this deal?

Mortgage

How did you add value to the deal?

Fully renovated the interior

What was the outcome?

We locked in a buyer before the project was even complete.

Lessons learned? Challenges?

Choose the right partners. I went in on the deal with a childhood friend and it wasn't the best business decision.

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

Not on this one