Fix and Flip in Eugene Oregon

[Robert J.]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $165,000
Cash invested: $22,700
Sale price: $269,000

SMALL SFH FIX AND FLIP. Full Gut

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

I wanted to get started in real estate and i work a trade job so i figured i'd put it to work on a flip

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

I sent out postcards to absentee owners with equity. The owner had an offer that was 10k higher than mine but i told her i would pay her closing costs and she wouldn't have to pay a real estate agent which means she'd take home more with my offer.

How did you finance this deal?

42k from a heloc and 130k hml

How did you add value to the deal?

Full rehab.

What was the outcome?

We close monday. All docs signed. 62k profit

Lessons learned? Challenges?

This was actually too easy. I'm going to be very cautious on my next deal because there is no way they all go this smooth. We had it closed on in two weeks and we had it sold 35 days into our rehab. The escrow has taken longer than the rehab but we got the price we wanted.