Flipping my first Condo

[Account Closed]

Investment Info:

Condo fix & flip investment.

Purchase price: $110,000
Cash invested: $58,000

Hi,
We are currently flipping two condos on the same complex (Wynmoor). After reading several books and gatthering info from BP, and before start suffereing from analysis paralysis, we decided to take actions.

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

I great friend of ours have invested in this area and encouraged us to do the same. Besides, profit margins are ok.

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

Through our real state partner.

How did you finance this deal?

We bought it cash

How did you add value to the deal?

Complete renovation with open kitchen concept, porcelain tiles and high-end appliances. We looked at condos that has been sold on the same complex that are similar to what we are trying to accomplish elevated a little to differentiate from competition.

What was the outcome?

We are still on the renovation process.I will keep everyone posted.

Lessons learned? Challenges?

Even though our contractor was a referral, and his price was unbeatable, we had lots of challenges with him. I have never seen anyone so unorganized like this guy. lol
He drove us crazy, and things took longer than expected because of his lack of organization. Which means, it will affect our bottom line.

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

Sure, Diana Vasconez. she is a real estate agent specialized in Wynmoor complex. 561-251-7690