Second project - Great experience

[Ross N Pye]

Investment Info:

Townhouse fix & flip investment in Farmingdale.

Purchase price: $280,000
Cash invested: $65,000
Sale price: $390,000

3 Bedroom town house needed significant updates.

Kitchen, bathrooms, paint through out and refinishing floors. Minor interior mods to open up some of the spaces. Biggest obstacle was a major termite infestation (which we knew about going in) that had to be dealt with.

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

Deal was on the MLS, had just fallen out of contract due to termite.

How did you add value to the deal?

Fix and flip

What was the outcome?

Learned a ton, particularly about contractor management, and still came out with a profit.

Lessons learned? Challenges?

Obstacles (like termites) can be overcome.