Investment Info:
Single-family residence fix & flip investment in Sebring.
Purchase price: $68,000
Cash invested: $35,000
Sale price: $140,000
A quick 2-1 flip that I partnered in with a realtor. This deal was his first and although we over spent on the remodel. We still returned good numbers for this first one. In the process of completing this one, we found a second deal that we are currently working on.
What made you interested in investing in this type of deal?
This deal was brought to me by my realtor who had been wanting to do a flip for some time now.
How did you finance this deal?
Private money loan was used to acquire the property. Then we used cash and two credit cards to fund the rehab. Once the deal funded, we paid all cards first. Resulting in more cash flow for the current project and higher credit limits for future deals.
What was the outcome?
Property was flipped and sold within 90 days.
Lessons learned? Challenges?
Get detailed quotes from contractors of the work they will be doing. We also found a better contractor for our current project that provided us better pricing. Stay tuned for the end results of that one.
