Purchase Date: 6/20
Inside Tour of the House
This project was one of our first Fix & Flip properties. The lessons we learned from doing this project have been invaluable. From borrowing money from private lenders to using a General Contractor for the first time, from the inspection process, and finally to the sales process. This was only the second property we have ever sold and there is a lot more that goes into selling a property than we anticipated. All in all, it was a great project. Here are some more details about the deal:
How We Found the Property:
We originally found the property on Zillow, it was listed for $49,900, which seemed a little high. I sent it to a friend with who I was partnering with another deal and told him if the price was $10k less it might look like a deal. The next day I received an email from a local wholesaler who had the property under contract and was selling the contract for $39,900.
How Much Did We Buy the Property For?
We were able to negotiate the price down to $37,000. We used a mix of private money as well as a balance transfer on a credit card for the repairs.
What We Did With the Property
This was a flip project, the ARV (After Repair Value) for the property was $115,000. We sold the property for $112,500 in a little under 3 months from the time we closed on the property as the buyer, to the time we sold the property.