Fix & Flip Deal in New York City

[Kobi Nagar]

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $282,000
Cash invested: $150,000
Sale price: $649,000

we purchase this property that was an estate deal. the property needed complete gut renovation, our renovation took more then expected since we could not work due to the "shelter in place". we just finished the property and listed it and we are getting currently offers.

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

Most of the deals we do in Highline Realty Group are fix & flip in NYC

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

This was estate deal that turned to a short sale, we where door knocking and succeed to contact the heir to the estate...

How did you finance this deal?

Hard money lender

What was the outcome?

we just listed the property and have multiple offers....

Lessons learned? Challenges?

this deal took over a year to close since it was an estate and short sale. defiantly persistence it the only way.