OUR LATEST PROJECT: Jacksonville NC quick flip!!

[Chris Tarpey]

Investment Info:

Single-family residence fix & flip investment in Jacksonville.

Purchase price: $130,000
Sale price: $199,000

This deal was brought to us by a wholesaler with a seller eager to move. Property was very cosmetic, nearly turnkey. We just went through and repainted, updated a few light fixtures and replaced countertops and appliances. We were able to get it under contract for sale while it was still under renovation.

PP: $135k

Reno: $20k

Sale Price: $200k

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

This was a light renovation (almost turnkey)!

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

Our favorite wholesaler brought it to us. We liked price as is, but later found a bit of crawlspace work that was needed and got $5k discount.

How did you finance this deal?

We used Hard Money for this deal! # LimaOne

How did you add value to the deal?

We completed a light renovation:

-Fresh Paint
-Refinished Cabinets
-New Counters
-New appliances
(some crawlspace work on soft spots, electrical items and small things called on inspection as well).

What was the outcome?

Went under contract during renovation - flipped in less than 40 days!

Lessons learned? Challenges?

Inspections are key! We always get a home and septic inspection and it has saved us PLENTY!

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

We had our agent walk through during renovation and within a few days had a buyer...never even hit the MLS!