Newport condo cash purchase

[Matthew Pagos]

Investment Info:

Condo fix & flip investment in Newport.

Purchase price: $60,000
Cash invested: $65,000
Sale price: $165,000

This was our first cash purchase. It was a bank owned condo with a list price of $65K. The condo association was a mess so we knew it wouldnt qualify for traditional financing. Closed within 30 days. Put $5K into it, mainly replacing the kitchen cabinets, refinishing the floors and painting. Cleaned up the condo association (put a lien on owners who hadnt paid dues in years) and fixed up the exterior a bit. Pulled the equity to buy another condo in newport. Sold this condo for a nice profit after 6 years.

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

The price was to go to pass up despite the work that needed to be done with the condo association and the condo

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

Found this deal thru homepath

How did you finance this deal?

Cash and then went to a credit union to get a commercial loan