Investment Info:
Single-family residence fix & flip investment.
Purchase price: $48,000
My partner and I borrowed 100k Private Money to purchase and rehab this property. We went in with a 6 week timelline. We are now working on the interior. We hope to be complete in the next week. I will update when we close. We have a buyer lined up for 169k.
What made you interested in investing in this type of deal?
My partner approached me with a deal that another investor passed on. They weren't sure if the water well was functional. We took it on knowing that it would just be another expense. We already had a buyer lined up, so it was exciting to me! The water well DOES work!
How did you find this deal and how did you negotiate it?
My partner found it from a wholesaler. We agreed on price, but something came up prior to closing, so we negotiated the price down by 12k.
How did you finance this deal?
Private money with their IRA
How did you add value to the deal?
Found the money, and let my partner handle the rest. We have the same vision, so this is easy for me to just check the progress.
What was the outcome?
We aren't finished yet!
Lessons learned? Challenges?
When buying a property with belongings left on the land, even if it is stated in the contract that everything on the land goes with the sale, is not guaranteed. The seller can not include abandoned property (vehicles, trailers, etc) if they are not the legal owner.
Game cameras are a god send!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My partner is a Broker AND a real estate investor, so he was amazing! Todd Evans at Texas Twisted Realty in Longview, TX finds DEALS
