All Forum Posts by: Philip Murray

Investment Info:

Single-family residence fix & flip investment in Merrillville.

Purchase price: $85,000
Cash invested: $16,000
Sale price: $149,000

This was an interesting deal I made with a family member who had financial issues.
I agreed to take over the home payments, invest in the rehab and split the profits. It was interesting and took 4 weeks longer due to crazy weather but we sold in 2 days 4k over asking! I leaned so much. Can't wait to get into the next one.

How did you find this deal and how did you negotiate it?

With a family member who needed out of the house.

How did you finance this deal?

Credit.

How did you add value to the deal?

New:
Floors
Appliances
Paint
2 bathroom remodels
New stair spindles
Painted the front exterior and pressured washed the sides and back

What was the outcome?

Sold the property quickly and over asking!

Lessons learned? Challenges?

Time Time Time
I will pay trades to do more from now on.
Working with family is hard.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Arlene Onlenik-Lowe- Prime Real Estate Crown Point, IN

Thanks David! Im going to check it out for sure, Im in Chicago until tomorrow afternoon so I'll be sure  to get in on next months meet up.

Thanks Larry, I hope it'll be very fruitful! 

Thanks Newton Glad to be here!

Hey Adrian.   Thanks fot the welcome.  I just joined the Invest NWI Facebook Page the other day and look forward to checking out some meet ups! 

Thanks Ray.  Im sure I'll reach out soon to connect.  I have alwayshad interest in rentals in Gary because of the high number of renters,  so we can definitely chat. 

Thanks for the welcome Aziz

Thank you George! 

Hi Scott!  Thanks for reaching out with the post and message!  As I get rolling here I'm sureI'll be reaching out for advice and insights.  Maybe I can buy you lunch or something!   

Thanks for the warm welcome Tom!