Metro Detroit Flip ~ 20% net on the flip in less than 5 months

[Timothy Moore]

Investment Info:

Single-family residence fix & flip investment in Westland.

Purchase price: $62,000
Cash invested: $23,000
Sale price: $121,000

Bought and sold a small Westland flip, managed to still complete project quickly around Covid.

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

Investor / partner that prefers flips / short term investments

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

Through a local wholesaler

How did you finance this deal?

Hard Money

How did you add value to the deal?

I acted as the agent and handled the operations

What was the outcome?

Overall it was a good flip, we netted just shy of 20% in 4.5 months

Lessons learned? Challenges?

We missed a recent water tank replacement by the seller and bought as is so we had to clear the permit and would've budgeted to have updated the bathroom more but overall we were happy with the finish

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

I am an agent and property manager so I handled most of the operations myself. We've been using Katie Haller for insurance and I have an internal GC that I use from the management company.