Updated almost 6 years ago on .
Quick Flip Rural North Carolina
Investment Info:
Single-family residence fix & flip investment in Kings Mountain.
Purchase price: $65,000
Cash invested: $21,000
Sale price: $112,000
Found this home out after looking at another wholesale deal. Drove around the corner and this had windows boarded up but otherwise seemed to be in ok condition. Rehab took about a month and sold in 12 days and closed relatively quickly. Decent dollars per day of holding and a nice quick sale.
What made you interested in investing in this type of deal?
Speed of a decent return and our focus is flips of affordable housing.
How did you find this deal and how did you negotiate it?
Driving the community, clearly abandoned home. Reached out to owner and found they had this and 12 others to sell. They had a loan coming due so they were eager to sell. Working on buying the others but they do not seem as anxious on those.
How did you finance this deal?
Cash
How did you add value to the deal?
New windows, roof and update internal.
What was the outcome?
Quick flip for decent return and good return in dollars per day.
Lessons learned? Challenges?
Go under the house! We had a band sill that I missed and it cost more to fix at the end than it would have at the beginning.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Myself and a wholesaler friend that tracked down the owner for me.