Investment Info:
Single-family residence fix & flip investment in Chamisal.
Purchase price: $375,000
Cash invested: $110,000
Sale price: $615,000
I was lucky enough to find a great deal on a foreclosure that needed mostly cosmetic work. I purchased this property with my VA loan with zero down, along with an incredibly low interest rate.
What made you interested in investing in this type of deal?
The property was in a great location, at a great price and the inspection came out great.
How did you find this deal and how did you negotiate it?
I found this on the MLS as a foreclosure.
How did you finance this deal?
VA loan 100% financed.
How did you add value to the deal?
Opened up the kitchen/dining/living room space. Added a full bathroom and a bedroom. Refinished floors, updated kitchen and bathrooms.
What was the outcome?
The property was under contract the first weekend it was on the market. I made a great profit!
Lessons learned? Challenges?
Living in a flip is very challenging, especially with three kids and working full time. I became very proficient in installing ceiling fans and light fixtures as well as doing minor improvements such as updating the bathroom vanity and changing out the counter and sink faucet.
