Investment Info:
Condo fix & flip investment.
Purchase price: $25,000
Cash invested: $8,000
Sale price: $65,000
Started as first residence then turned into a rental pre-covid. Had some issues with the property management and decided to evict tenant after non payment. Fixed and flipped it right away and sold on land contract! Made a little on it and will make a little off the interest off the backside! Moved to multifamily!
What made you interested in investing in this type of deal?
Looked like a great starter property and cash flowed well!
How did you find this deal and how did you negotiate it?
On the MLS negotiated price down 8000 by offering all cash!
How did you finance this deal?
Paid all cash.
How did you add value to the deal?
I updated it completely after tenant was out to sell right away for a good profit!
What was the outcome?
Made a good amount of capital on it to invest into the next deal I find!
Lessons learned? Challenges?
Definitely vet you tenants a lot better! In my case the property management was a family friend referral. Was a huge mistake as he never did a property inspection until I found out place was trashed and tenant was ghosting my property manager! I did not interview my property manager to the standard I should have and will be more cautious going forward!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No found this deal on my own!
