Investment Info:
Single-family residence fix & flip investment in North Port.
Purchase price: $40,000
Cash invested: $5,000
Sale price: $138,000
1st fix and flip. Used a private hard money lender in where it was both of our first deal and was able to set my own terms. The deal came packeages up with leins paid and contractor bid attached from a wholesaler which made things easy. The house had fire damage and a dead racoon in the wall. I listed and sold it. I installed the landscaping and fence myself. Net profit $18k
What made you interested in investing in this type of deal?
The deal came packeages up with leins paid and contractor bid attached from a wholesaler which made things easy.
How did you find this deal and how did you negotiate it?
a friend of mine who was heavy into wholesaling and flipping was offering it with great numbers. I actually sold it for more but got cut on the appraisal and lost a few thousand.
How did you finance this deal?
A private money lender who was a fellow KW agent who I farmed and pitched. It was her first loan. We were in class together training to be agents.
How did you add value to the deal?
I was the listing agent and put in sweat equity.
What was the outcome?
$18k in 4 months
Lessons learned? Challenges?
I learned a lot but after years of education prior I followed what I learned and the process went rather smoothly and got my first dose of cleaning up the ugliest house in the neighborhood and getting praise from the neighbors for making it the nicest.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
NA
