Fix&flip investment property

[Pal Singh]

Investment Info:

Single-family residence fix & flip investment in Connersville.

Purchase price: $5,000
Cash invested: $30,000

This property has three bedrooms and two and half bath.

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

Always wanted fix&flip deal.

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

I did not find this deal. The deal found me. lol. The seller saw my add about we buy homes and he contacted me. He was asking $18k. He had the property on sale for two yrs on and of. When i drove by i knew it needs alot of work. I made an offer for 5k and told him that not a penny less or more. He said he needs few days to think about it. He took my offer the next day.

How did you finance this deal?

I borrowed money from husband lol

How did you add value to the deal?

I added additional bedroom, New roof, New windows, New carpet, New counters.

What was the outcome?

The outcome was that i sold in four months on land contract.

Lessons learned? Challenges?

The lesson i learnt that have good research when you hired contractor.

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

Nope.