First flip after three years of education!

[Shane Martin]

Investment Info:

Single-family residence fix & flip investment in Terrebonne.

Purchase price: $190,000
Cash invested: $50,000
Sale price: $360,000

This single family home was a tough one. I made my first offer in January of 2020 and it had been rejected. Months later, I resubmitted my offer and it was finally accepted.
The sale was very distressed and we had to work very closely with ours and the sellers agent to navigate the tricky legal and emotional waters that the sellers were dealing with. In the end, I think we were able to really help the seller get through a tough situation and we were able to realize a nice profit.

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

I am a contractor by trade, so a fix and flip deal was something that I could wrap my head around.

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

I found the deal on craigslist. I realized that I knew the listing agent and we started the process. I was made aware of the sellers situation and made the first priority to try tov solve their problem by buying the home. It took a long time to earn their trust but we were able to come together in the end.

How did you finance this deal?

Hardmoney

How did you add value to the deal?

We remodeled the entire home, made some fundamental repairs, and replaced the roof.

What was the outcome?

A home-run of a deal!

Lessons learned? Challenges?

You cant do this kind of work on your own. It takes a village to make a successful deal play out according to plan.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Absolutely. I'd be happy to share contacts.