All Forum Posts by: Michael O'Sullivan

Investment Info:

Single-family residence fix & flip investment in Mobile.

Purchase price: $31,000

Cash invested: $55,000

Sale price: $115,000

2nd flip. 3/2, 1300 sf. Had water and termite damage. Great learning experience.

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

I'm looking to make money, and it worked out here. I also do not yet have the cash on hand to purchase and fund my own deals so me and my husband were happy to make our lender money in the process.

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

My real estate mentor found it via online marketing and I did the negotiating. The seller originally sold it with owner financing years ago. However, his buyer quit making payments and he foreclosed on it.

How did you add value to the deal?

Short of tearing out all the sheetrock, we did everything all new.
*new roof
*interior and exterior paint
*new flooring
*updated electrical system
*opened up doorway between dinning room and living room
*all new kitchen (cabinets, stainless steal appliances, granite countertops)
*trendy board and batten window shutters
The top selling points were the beautifully tiled bathrooms and kitchen backsplash.

What was the outcome?

The house only spent a week on the MLS before it was sold in a multiple offer situation.

Hi, 

My marketing so far has consisted of bandit signs, and I want to step up my game with a mailing. Please share if you have tips on:
1. What groups to target for a mailing
2. What companies you use for postcards, and why you like them
3. Any other general information when doing a mailing

Much appreciated,
Davanne

@MattJones I'd love to hear how you discovered your first deal and how you've found the process from beginning to end vs. what your expectations for the process looked like. We don't live too far from the midtown area, so maybe we can meet up sometime.

Thanks everyone! 

@french broad - we're involved with the Port City REIA, but haven't heard of any other groups in the area. Have any suggestions?

@Russell Norgren - We would love to buy and hold at some point, but are focusing our efforts on fix and flips to build up some capital. If we come across a wholesale deal in the meantime, we'd be open to that as well.

Thank you @James Wise

Hi!

My wife and I recently moved to Mobile, AL (home for her) after about 3 years of educating ourselves on real estate investing. We decided that we were tired of just talking about it, so we hired ourselves a local investor as a mentor and are searching for our first property to fix and flip. Our marketing is slowly being rolled out, and our team is starting to come together (just met with an agent today who we hope to work with). We're very excited to take on this new adventure and are looking to get connected to other investors in the Mobile area. Any of y'all out there?

Peace & good things!