My First Flip - 161 Sunset Ln

[Chase Barnett]

Investment Info:

Single-family residence fix & flip investment in Harrodsburg.

Purchase price: $30,000
Cash invested: $10,000

Sale Price: $114,900

This was my first flip. We purchased 3 homes below market value from an estate that weren’t listed. This home had a tenant at the time so we removed the tenant, updated the home, and sold for a great profit.

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

I saw that the estate was selling off their portfolio by keeping up with recent sales in the paper and on the PVA. I reached out to the executor and made an offer on the remaining 3 properties.

How did you finance this deal?

Traditional financing at 80% LTV for the purchase and a secured LOC for the repairs.

How did you add value to the deal?

We completely remodeled the bathroom and updated the remaining cosmetics.

Lessons learned? Challenges?

Saving a few dollars isn’t worth the headache of trying to do everything by yourself. Time is money, let someone else do the work while you find the next deal.

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

I worked with Whitaker Bank since I previously worked there and it was convenient. As a lender at Central Ky Federal I’d love to help anyone looking to jump start their investment journey.