Lansing Michigan Flip

[Alexis Gross]

Investment Info:

Single-family residence fix & flip investment in Lansing.

Purchase price: $70,000
Cash invested: $18,000
Sale price: $127,500

Bank owned home on the market for several months. Located near Holt Mi which is an area being developed and sought after by buyers. Quick and easy cosmetic flip, pending in 5 hours of being listed on the MLS.

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

We had an investor with only 100,000 to spend total so we needed to start with something cheap to start on. We also wanted to flip because we need to get cash in our pockets before we move on to rentals.

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

Mls, put an offer in for 15,000 under asking and it was accepted.

How did you finance this deal?

Partner pulled out a home equity line of credit.

How did you add value to the deal?

We fixed things that were broken and updated the home so it would attract buyers and appraise high.

What was the outcome?

We accept a full priced offer the first day it was listed on the mls and it appraised at full value.

Lessons learned? Challenges?

We had to close during the shutdown of the pandemic in april. The clients closed inside their cars at the title company parking lot.

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

I am the real estate agent for our team.