Investment Info:
Single-family residence fix & flip investment in Bayville.
Purchase price: $110,000
Cash invested: $18,000
Sale price: $210,000
Purchased a SFR that was in foreclosure. Paid a contractor to rehab the property. Managed the process.
What made you interested in investing in this type of deal?
I like the idea of finding something for a lower price, enhancing it, then selling it.
How did you find this deal and how did you negotiate it?
My friend found it. We negotiated the purchase with the bank.
How did you finance this deal?
We used our personal funds to finance the deal.
How did you add value to the deal?
The house was run down, so we rehabbed it to the point where it was livable, nothing too fancy because that market called for low-priced homes.
What was the outcome?
Even though we hired and managed a contractor to handle the renovations, we also did some work. The house was sold in less than six months.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
We worked only with the bank that owned the home. My friend had his RE license at the time.
