Just Flipped - 18 Chelsea Lane, Bella Vista, AR 72715

[LaTonya Jackson]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $255,000
Cash invested: $40,000

Turnkey Lavish Living! Remember this property isn't just a house; it's a lifestyle upgrade waiting for YOU - its new owner. With 2 spacious bedrooms, 2.5 luxurious bathrooms, a versatile flex room, AND the ultimate safety feature – a dedicated safe room – spanning over an impressive 2565 square feet, this home is designed to exceed your every expectation.🌟There's more! Park your vehicles with ease in the expansive 2-car garage, ensuring convenience and security for your prized possessions

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

Always looking to wholesale and/or flip a property as investors. This property was originally under contract with a different investor based on information shared from our realtor. The investor was unable to secure funding for the project and had to walk a few days before closing. Because we're always looking, off-market and the occasional on-market deal, when the numbers work, we take a look. The numbers worked and we made an offer.

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

We leverage a realtor relationship to bring us properties that fall through last minute or meet our given criteria. The numbers worked on this property and our focus was get it under contract. $240K would have been the ideal buy price; however, the upside was still enough that the project would yield at least a $30K profit once renovated and sold. Seller paid all closing costs and that was substantial.

How did you finance this deal?

We used a hard money lender and a private money lender for closing and renovation startup costs. We paid the interest and holding costs.

How did you add value to the deal?

"Add value" - modernized the property to mimic new construction homes going up. Put in new LVP flooring upstairs, removed wallpaper and popcorn ceilings, fresh paint throughout the home, new sinks, faucets and hardware on all cabinets, resurfaced existing tubs and surround, added all new appliances (except the built in microwave which had been barely used), updated electrical.

What was the outcome?

Property is showing well and is currently on market for sale.

Lessons learned? Challenges?

Always list the property for sale at the ARV. It's better to get above asking than to list and get no offers.

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

Yes - connect with me and I am glad to share more.