Flip #5 in the books

[Mike Terry]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $50,000
Cash invested: $50,000
Sale price: $85,000

My first Solo deal. Financed with a loan from my Solo 401k, You can do this with low money down. My second most profitable deal. Condos are fun rehabs...only have to deal with the interior. Uncer contract in a week.

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

Scope of work was very manageable and the money was made on the buy.

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

Networking with a realtor...pocket listing. No negotiation.

How did you finance this deal?

solo 401K loan

How did you add value to the deal?

full rehab

What was the outcome?

undercontract at estimated ARV.

Lessons learned? Challenges?

Check and double check cabinet layout, oven door didn't clear handles on cabinets, problem solved but not easy. Keep plugging away despite Covid 19 deals are closing and prices in my markets are rising as supply is extremely constrained.

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

Jennifer LaFlame