Floor, Paint and Clean Up Flip

[Mauricio Solano]

Investment Info:

Single-family residence fix & flip investment in Waukegan.

Purchase price: $80,000
Cash invested: $20,000
Sale price: $149,000

We purchased this property directly from the homeowner, fixed it in 12 days! We put it on the market and had 12 offers.

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

I flip in order to fund my buy and hold deals.

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

I sent the homeowners a letter.

How did you finance this deal?

I asked 2 investors to finance this deal. I paid them 8% return.

How did you add value to the deal?

We did a major clean-up. The previous owners left a lot of their belongings there. After the property was cleaned out, we painted it and installed new floor.

What was the outcome?

We put the property on the MLS and had multiple offer with 3 days.

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

My wife is a great real estate agent.