Investment Info:
Single-family residence fix & flip investment in West Sacramento.
Purchase price: $205,000
Cash invested: $25,000
Sale price: $315,000
Purchased from MLS was a reverse mortgage bank owned. Inside destroyed fixer.
What made you interested in investing in this type of deal?
House was beat up inside. Could see the possibility of adding a 3rd bedroom with in the foot print.
How did you find this deal and how did you negotiate it?
MLS - Bank Owned reverse mortgage. They would only accept asking.
How did you finance this deal?
Line of Credit
How did you add value to the deal?
Added a 3rd bedroom new kitchen bath flooring paint windows garage door floors doors and trim.
What was the outcome?
sold in a weekend over asking but buyer had challenges in financing so we assisted with $3,000 in closing costs and still sold at asking.
Lessons learned? Challenges?
City took 3 weeks to issue a permit. - called for a final they were in and out in 5 seconds proves that they are only asking to pay for a permit to collect dollars.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
We worked with the Listing Agent we represented our selves.
