Investment Info:
Single-family residence fix & flip investment in Connersville.
Purchase price: $5,000
Cash invested: $30,000
This property has three bedrooms and two and half bath.
What made you interested in investing in this type of deal?
Always wanted fix&flip deal.
How did you find this deal and how did you negotiate it?
I did not find this deal. The deal found me. lol. The seller saw my add about we buy homes and he contacted me. He was asking $18k. He had the property on sale for two yrs on and of. When i drove by i knew it needs alot of work. I made an offer for 5k and told him that not a penny less or more. He said he needs few days to think about it. He took my offer the next day.
How did you finance this deal?
I borrowed money from husband lol
How did you add value to the deal?
I added additional bedroom, New roof, New windows, New carpet, New counters.
What was the outcome?
The outcome was that i sold in four months on land contract.
Lessons learned? Challenges?
The lesson i learnt that have good research when you hired contractor.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Nope.
