Investment Info:
Condo fix & flip investment.
Purchase price: $208,000
Cash invested: $16,000
Sale price: $243,000
I purchased the condo subject to the existing financing. The condo owner was past due on his payments and did not have much equity so I purchased it subject to existing financing. I did not use a title company and sent the grant deed to Sacramento county recorders office. I remodeled the entire bathroom with new tile surround and bathtub. I painted the inside and kitchen cabinets. I only replaced some of the flooring. I also replaced the kitchen appliances.
What made you interested in investing in this type of deal?
subject to financing so no hard money lender needed.
How did you find this deal and how did you negotiate it?
It was a person that I knew and was having money problems.
How did you finance this deal?
took over the existing loan so I needed very little money for the repairs.
How did you add value to the deal?
gutted and remodeled the bathroom. painted the interior. new appliances and painted the kitchen cabinets.
What was the outcome?
I made some money. I did not make a ton of money but it was a easy remodel.
Lessons learned? Challenges?
look more closely at someones prior work. I made more repairs to items that I thought were fine.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I did it all myself. I would recommend myself to anyone needing help finding and selling a fix n flip property in the Sacramento area. As we all know now it is very difficult to find a property to fix n flip.
