Investment Info:
Single-family residence fix & flip investment.
Purchase price: $150,000
Cash invested: $45,000
Sale price: $299,000
Purchased the property from the estate executor. We rehabbed the dwelling and subdivided the land. The land was contracted to a builder for $50,000, and the house was contracted for $249,000 before rehab was completed.
What made you interested in investing in this type of deal?
As a former builder turned realtor, this deal is in my wheelhouse. Knowing how to work with local municipalities and having 25+ years of experience in new construction and rehab, this deal is tailor-made for my skill set.
How did you find this deal and how did you negotiate it?
I am a realtor, and this deal came from another realtor who knows I am looking for these deals. It was in an estate and took close to 6 months to get approved with attorneys and a court-ordered sale, but it has turned out to be more than worth it.
How did you finance this deal?
Hard money lender and cash
How did you add value to the deal?
We rehabbed the dwelling and subdivided the land.
What was the outcome?
Money in the bank.
Lessons learned? Challenges?
Court orders aren't always the end-all for your title insurer. Ask me how I know.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a real estate professional with multiple lenders I work with.
