Fix and Flip in Sun City

[Tim Winter]

Investment Info:

Townhouse fix & flip investment in Sun City.

Purchase price: $96,500
Cash invested: $25,000

This one was passed over by several other investors, found it on MLS. The ceiling had some water damage from roof leak about a decade ago, that scared off most people. Was just cosmetic and roof was solid, owner just didn't have the money to fix the leaks, plumbing, ceilings, or even broken appliances.

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

Was hoping to turn it into a fix and hold, but complex had a waiting list for rentals, so put it out there for sale with creative financing as well as traditional and got several offers

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

It was on MLS. Made my usual multiple offer LOI and they took the all cash offer.

How did you finance this deal?

Hard money loan

How did you add value to the deal?

gutted and redid the townhouse, saving most of the kitchen and closets

What was the outcome?

Going to make back down my down

Lessons learned? Challenges?

Always check with HOA on rental policy, even if they say they allow them, doesn't mean they're at the right ratio to allow anymore

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

I was the agent