Investment Info:
Townhouse fix & flip investment.
Purchase price: $120,000
Cash invested: $80,000
Currently doing fix and flips to build up capital to make an offer on 15+ units rental
What made you interested in investing in this type of deal?
To build capital for future buy and hold investment
How did you find this deal and how did you negotiate it?
Found it thru my real estate agent. Made an intial offer of 95000 but was rejected. Made second offer for 105000 and again rejected. so gave a final offer of 120000 which was accepted.
How did you finance this deal?
95% hard money and 5% cash on hand.
How did you add value to the deal?
Renovating the property completely. Added Hvac, new kitchen and bathroom. All room torn down and build back up with latest and making every room look modern (going with black and gold theme). Added a powder room on the first floor. Recess lights everywhere. Added Island to the kitchen.
What was the outcome?
Work is still getting finished up. Three weeks to finish up everything. Then, putting it on the market.
Lessons learned? Challenges?
Needs to organize payments and payment methods. Need to be more strict on time management. Make sure each section of the project is finished on time. Personally needs to be more hands-on instead of relying on contractor to provide updates and buying supplies.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes I do.
