North Knoxville Flip or BRRRR

[Cory King]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $180,000
Cash invested: $50,000
Sale price: $305,000

Lipstick level renovation project. Brought to me from an agent in my investor networking group. Money came from a private money lender from same networking group. Contractors are ones I've worked with before mostly in a handyman capacity. He did an ok job but took a little longer than I'd have liked. Worth giving him the shot.

What made you interested in investing in this type of deal?

Solid quick flip with a decent upside. Would work well as a BRRRR also.

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

Deal came from an agent in my investor meetup group

How did you finance this deal?

Private money lender locally

How did you add value to the deal?

Home needed pretty much a surface level update but had some higher ticket items that went into it as well. New roof, siding, windows, fixtures, paint and landscaping. Lucked out with LVP flooring, granite counters and stainless appliances already in the home. Windows took the longest to get in at 4 weeks from order to install, otherwise we'd have had it knocked out sooner.

What was the outcome?

Sold to a hedge fund cash buyer buying properties in the area.

Lessons learned? Challenges?

used my usual handyman to handle the reno and he took a little longer than I'd like. Did decent work and worth the shot