Earnest down on 2nd Purchase for Flip in Nashville!

[Leland S.]

Yikes! Just dropped earnest money for a cash close next Fri on a place sight unseen from a wholesaler I found here on the forums. I'll be using 100k or so of fund from hard money since it's a bit out of my cash range. The place looks like decent condition, except for an old carport and crumbling balcony. But otherwise it appears in great shape, 5 bed, 2 bath, 1680sqft, 2 floor with cellar. Hardwood floors on bottom that might be able to be spared I'm hoping. Estimating 32k in repairs, although I'll probably need to hire a GC since I'm long distance. I will probably take a trip out there to meet with contractors and get ideas on repairs. 

This is in North East Nashville, 37216. It's right off the 155 & Gallatin Pike, super convenient location!

I'm definitely nervous but excited to meet my goal this year of getting at least 1 flip this year. Next year goal is 2. And I hope this time to walk out with some decent cash. 

My goal for this one is a flip since I'm using hard money and the margins appear good, seems like a 340k+ ARV. Will want to figure out how to maximize ARV for that area though as sale prices are up to 400k in that neighborhood.

Anyone familiar with flipping in that area I'd love to connect and bounce ideas off you! 

Enough learning and podcasting, time to doing!