Fix and Flip - Memphis Market on fire

[Tony Banks]

Investment Info:

Single-family residence fix & flip investment in Memphis.

Purchase price: $25,000
Cash invested: $70,000
Sale price: $170,000

Bought this deal from a wholesaler in November 2020 for 25k. The house had a little fire damage but the walls held up well and the damage was limited to one room. We poured another 70k in renovations into and did a total makeover inside/out. House eventually sold for 170k the following November 2021. We put our own cash into this so it took longer than it should but all in, it was a great deal.

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

I saw the potential

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

Through a wholesaler and we just worked it out where everyone was happy

How did you finance this deal?

My own cash and I had two private partners with cash.

How did you add value to the deal?

I am a licensed contractor so I was able to use my crew and I had the know-how to get the job done.

What was the outcome?

sold

Lessons learned? Challenges?

Had a few break ins and we invested in a wireless security system for future Renos