STOP WORK ORDER!! Ahhhh! Flip Deal in NC

[Jay Tetreault]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $135,000
Cash invested: $47,000
Sale price: $275,000

STOP WORK ORDER!!! Ahhhhh! We had finished this cosmetic flip without permits and having a GC involved and it came back to bite us WHILE under contract for re-sale. We then had to dance around for the town inspector, get a GC involved, and spend another $15k to get the house up to new code on a handful of items, town fines, and an additional 2 months TIME. Great seminar, leaned a ton, took our money, and kept it moving. It was still a successful deal.

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

It matched our buying criteria and we bought it at wholesale numbers that worked.

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

Found it through a wholesaler we connected with.

How did you finance this deal?

Hard money lender

How did you add value to the deal?

Through renovating

Lessons learned? Challenges?

Get permits unless it's purely cosmetic.

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

Adrienne Zetterquist - Raleigh, NC Realtor