Investment Info:
Townhouse fix & flip investment in Concord.
Purchase price: $250,000
Cash invested: $250,000
Sale price: $420,000
2bd/1.5ba townhome
What made you interested in investing in this type of deal?
Opportunity to purchase from prior owner as is in run down condition
How did you find this deal and how did you negotiate it?
Let prior owner who was a client know that I would be interested in purchasing the property as is for the right price. Was willing to take it as is without any inspections.
How did you finance this deal?
HELOC
How did you add value to the deal?
As RE agent could facilitate deal without third party involvement
Lessons learned? Challenges?
Study HOA documentation prior to purchase as rental restrictions can limit the usage as an income property, especially when HOA is non-cooperative. Was not able to rent it and selling was a challenge as high interest rates reduced the number of qualified buyers.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I have my own RE license.
