Investment Info:
Single-family residence fix & flip investment.
Purchase price: $130,000
Cash invested: $55,000
Sale price: $255,000
Solid brick home in a nice residential neighborhood. Elderly lady had sadly 'lost her mind'. The house was full of fleas, spiders, and yes...human feces. :-0
As you can see in the pic, she also became quite a hoarder. It took 8 dumpsters to remove all the debris!
We completed a full cosmetic renovation within 30 days of purchase...listed on MLS...and were under contract the first weekend with a cash deal for $5k over asking price.
https://www.quicksalehomes.com/
What made you interested in investing in this type of deal?
While the house was absolutely disgusting, and numerous other investors declined from making an offer...I was able to see through the clutter and recognize the house was a perfect find. The neighborhood had true pride of ownership, and this house was one of the smallest houses in the neighborhood at 1,850 SF. Therefore, we were able to list it retail as one of the less expensive houses in the neighborhood...so perfect entry home for someone to move into an upscale community!
How did you find this deal and how did you negotiate it?
Direct Mail marketing. The seller was the daughter of the owner. She was out of state...so she called a handful of investors and gave us all a lockbox code.
How did you finance this deal?
6 month hard money loan from a private lender.
