Investment Info:
Single-family residence fix & flip investment.
Purchase price: $415,000
Cash invested: $40,000
Longer term project. Looking at moving the house and putting it on a new foundation. The house sits directly in the middle of two lots. Moving it completely onto one gets us a free and clear lot worth $275,000. Rehabbed house enough to put renters in and have nearly zero monthly expense while planning and permitting for work in summer of 2020.
https://www.realtor.com/realestateandhomes-detail/506-NW-14th-St_Bend_OR_97703_M21301-61124
What made you interested in investing in this type of deal?
The profit potential from a flip. Also the Seller was motivated so sold under market value and agreed to owner finance with $40k down and interest only payments.
How did you find this deal and how did you negotiate it?
Pulled lists of high probability sellers, hired VA to cold call, spoke with Seller and made an offer over the phone
How did you finance this deal?
Owner financing, then also accepted $150,000 private equity investment from network partners.
How did you add value to the deal?
Rehabbing and knowing that it could be possible to move the house and develop the additional free and clear build able lot.
What was the outcome?
In Progress - Check it out! Drive by and call me lets grab a coffee at Kona Cafe or taco at Parilla
Lessons learned? Challenges?
Let the contractor do the work. I worked there too much personally. Challenges will be working with City for permits and planning with an architect, then develop the complete scope of work accurately.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I'm a licensed Realtor
