Share Deal-First Fix and Flip!

[Guillermo Oyola]

Wanted to share my first fix and flip. This was a property I purchased from a women who foreclosed on her ex-husband for child support and alimony. I followed the property all the way from pre-foreclosure till when it went up live in auction. I did my due diligence finding as much information I can about the case and the property. Searched all records with city and county. Was able to determine there was no there mortgages on the property. I reached out to the attorney for the ex-wife. I told her that I knew the property was not going to sell at auction and the ex-wife would get the property. Sure enough, no one bid on it. The day it sold and foreclosed back to wife, I immediately reached out to the attorney. As soon as certificate of title was issued, we worked out a deal and I purchased the property.

Purchase Price 119,000

Closing costs $2,377.50

Delinquent taxes $3,629.04

Code enforcement and Municipal liens $4,478.00

Rehab costs 65,923.00

Sold price: 272,700

Net profit $52,000

Best of all, this was all done in just under 90 days from the date I purchased to the date I closed which was yesterday March 30th.