Updated about 7 years ago on . Most recent reply
My First flip 6108 Mcneely rd Corryton TN
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $78,728
Cash invested: $37,272
Sale price: $155,000
This was my first flip. 4b2b 1760sf basement rancher. I learned a lot, cried a lot, cussed a lot, and smiled a lot. Then I decided I would do it again. It took longer being the first of course, but I was completing the work myself and working full time. It was finished about 9 months in, but held until after a year for tax reasons.
What made you interested in investing in this type of deal?
I had been talking with my family for several years wanting to get into flipping and with the birth of my daughter, I took the full amount of FMLA leave allowable to find one and begin the process.
How did you find this deal and how did you negotiate it?
Auction foreclosure
How did you finance this deal?
Cash and Home Equity Line of Credit
How did you add value to the deal?
Completed the work myself, with the help of many family members and friends and youtube.
What was the outcome?
Great, I wanted to move in though. I became attached to it thru the process and it was special for many reasons.
Lessons learned? Challenges?
I was a basement rancher, 3/4 siding, front brick, but unannounced to me it was a prefab home hidden very well. The inspector for the first buyers found that thru the electrical box and rafters and they backed out. The second buyers ended up getting it for a 8k price reduction because the appraisal came in lower than we thought.