3111 Redbud Rd

[Paul Hearn]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $18,000
Cash invested: $13,620

This is a JV deal that I am doing with another investor out of California. I am local to the home that we are rehabbing, and we got connected through the closing attorney for the deal, after another JV partner walked away from the deal with the partner I am working with. We have multiple exit strategies, whether we decide to fix and flip, BRRRR, or buy and hold after rehab.

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

It was a low barrier of entry with high upside, and the multiple exit strategies made it extremely palatable.

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

My closing attorney that I have worked with several times connected me with my partner on this deal, and she has done several deals with my partner in the past as well.

How did you finance this deal?

I paid the closing costs and my partner secured the hard money loan for the rehab through his LLC.

How did you add value to the deal?

We are adding a laundry room and additional bathroom.

What was the outcome?

Still to be determined...

Lessons learned? Challenges?

Still to be determined.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We worked with 93 Capital for the hard money loan, we had an agent that my partner was working with to bring us the deal, we worked with Leigh McDonald from Quality Title LLC in Memphis for the closing, and I will either be the property manager if we place a tenant, or I will be the listing agent if we fix and flip.