Connie's First Kingsport Flip
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $89,500
Cash invested: $55,000
Sale price: $179,900
This was the perfect house to flip, 3/2, 1540sf, ranch with detached two car garage. Insurance paid for a new roof after a storm took off about a third of the shingles. The biggest issue I had, as always, was getting good contractors.
What made you interested in investing in this type of deal?
It was a house with good bones.
How did you find this deal and how did you negotiate it?
Originally I had listed it, but the buyer refused to show it. So, I made him an offer.
How did you finance this deal?
Private lender
How did you add value to the deal?
Total gut & rehab
What was the outcome?
A beautiful home that sold the day it was listed.
Lessons learned? Challenges?
Better off to get a good contractor that may cost more up front, than go through a bunch of cheap contractors. Also, started using subs for specific jobs. Lowes installed the flooring at 99 cents per sf. Hired a plumber to do the plumbing, etc.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Sure! Me! :0)
