Fix & Flip Success in Opelika, AL

[Jake Roland]

Investment Info:

Single-family residence fix & flip investment in Opelika.

Purchase price: $62,000
Cash invested: $50,000
Sale price: $170,000

Bought as a package deal $82,000 for two houses with seller financing. Put $50,000 into the first one (built in 1930s) and sold it for $170,000 in July 2020. Put $75,000 into the other house (built in 1950s) and it is currently under contract for $185,000 supposed to close Nov 20th 2020. Profit split with partner around $148,000 for both houses.

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

To build capital up for more buy and hold investing.

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

Found this deal through another investor friend. Distressed seller who had a note come due that was more than one of the houses was worth, so I brought in a partner and we purchased two houses from the seller for $82,000 and paid down enough to pay off his note, ($50,000) and the seller financed the rest at 6% interest with interest only payments.

How did you finance this deal?

Large down payment split with partner, seller financing the rest.

How did you add value to the deal?

Added renovations to bring them up to today's standards.