Fix & Flip Lakefront Condo

[Audrey L.]

Investment Info:

Condo fix & flip investment in Holly Lake Ranch.

Purchase price: $63,000
Cash invested: $5,000
Sale price: $65,000

Bought a small 3/2 condo with a lofted twin beds to comfortably sleep 8 people. Painted and changed decor.

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

I had some friends who lived nearby in a lake cabin. After visiting their house, I thought this condo might rent well.

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

I saw a for sale sign on the drive into the community.

How did you finance this deal?

Cash

How did you add value to the deal?

Painted, changed hardware on all doors and kitchen, updated the decor

What was the outcome?

After realizing the airbnb market had declined in this neighborhood and wouldn't support the plan for positive cash flow. I decided to go ahead and sell the property given the high HOAs and need to keep up utilities and wifi. I broke even on the transaction as the realtor and was able to capitalize on losses with real estate commissions.

Lessons learned? Challenges?

This was an amazing learning experience!