Latest Flip Under Contract during COVID 19

[Mike Terry]

Investment Info:

Single-family residence fix & flip investment in Port Charlotte.

Purchase price: $123,000
Cash invested: $40,000

Contributors:
Cliff Terry

My partner @cliffterry and I found this property through a wholesaler. We evaluated and quickly jumped on it. It needed complete interior rehab, septic system replacement and pool resurfacing. We put it on the market right at the begininng of the COVID 19 crisis. It went under contract after the first weekend at asking price, that contract was cancelled 24hrs later. Showings slowed down, due to pandemic, we lowered the asking price and 3 weeks later we had multiple offers and it is back under contract. Cliff and his crew do great work and I financed the deal through my SDIRA. Our most profitable deal so far. Looking for the next

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

Profit potential and chance to grow retirement funds.

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

Wholesaler

How did you finance this deal?

Funded through my Self-directed IRA

How did you add value to the deal?

Total interior rehab,

What was the outcome?

Best deal and most profitable to date.

Lessons learned? Challenges?

had to learn about septic tanks, needed replacement. Be patient and have confidence in your numbers and even in a crisis quality product moves.

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

Shannon Cohan @Shannon Cohan
SCOTT SILVER CONCIERGE REALTY