OUR LATETS PROJECT: Richlands NC FLIP!

[Chris Tarpey]

Investment Info:

Single-family residence fix & flip investment in Richlands.

Purchase price: $135,000
Sale price: $210,000

The property was brought to us by an agent that had a seller facing foreclosure. They were weeks from losing their home and needed a quick cash closing. The home was newer (2006) but needed paint, carpet, countertops as well as a new roof and HVAC. We closed on this one, started renovation and got it under contract for sale/closed(pending) under 40 days! TALK ABOUT A QUICK FLIP!!

PP: $135k
Reno: $27k
Sales Price: $210k (PENDING)

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

Relatively light renovation, able to help seller out, numbers made sense.

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

Agent brought it to us knowing we could close quick. They presented a price and I was fine with it! No need to rake someone over the coals on price if it already works for my numbers!

How did you finance this deal?

We used hard money to fund this deal!

How did you add value to the deal?

Replaced HVAC
Replaced Roof
Replaced Counter tops
Replaced Carpet
Fresh coat of paint!

What was the outcome?

Completing renovation this week, brought an agent through and they loved it. Already under contract to close beginning of Sept!

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

Always! Our team is the reason why we are successful!