Single family house that needed some extensive work

[Steve Iacobbo]

Investment Info:

Single-family residence fix & flip investment in Woonsocket.

Purchase price: $88,000
Cash invested: $37,000
Sale price: $170,000

This project taught me how to (and not to) coordinate multiple contractors. Timing is everything. Leave lots of room in your schedule in case things change.

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

The purchase price of the property made this a good deal, even with the extensive work that was needed.

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

This deal was on MLS.

How did you finance this deal?

Financing was all cash. I partnered with an associate who funded most of the project and then sat back. I coordinated the effort. The end result was a win for everyone!

How did you add value to the deal?

Handling all the paperwork and logistics is what I do as well as dealing with contractors, towns and adjusting the plans as needed.

What was the outcome?

A great home bought by a retired U.S. Navy veteran and his wife.

Lessons learned? Challenges?

Be ready to pivot when needed and don't let setbacks throw you. Things happen, don't panic, just work through it.