Investment Info:
Single-family residence fix & flip investment.
Purchase price: $70,000
Cash invested: $80,000
Sale price: $231,000
Found this property where I used to live. It was a FSBO. I was doing wholesaling for the previous years until then. So naturally, I considered wholesaling it, but then I ran the numbers if I flipped, and then I couldn't refuse to fix and flip it. PLUS I lived right down the street and I could see the project through my living room window, it was a no brainer.
What made you interested in investing in this type of deal?
It was the ugliest property on the prettiest block in a great area.
How did you find this deal and how did you negotiate it?
I lived right down the street from this property. I called the FSBO, scheduled a walkthrough, gave a cash offer the next day.
How did you finance this deal?
Private investor.
How did you add value to the deal?
I negotiated, invested and managed the project.
What was the outcome?
We received 3 offers above asking within the same day of the open house.
Lessons learned? Challenges?
-To always keep track of your budget.
- Make sure your contractors are sticking to what is agreed upon.
-Put every single thing in writing.
-Stay 4 steps ahead at all times.
