LATEST PROJECT: HUBERT NC FLIP!!!

[Chris Tarpey]

Investment Info:

Single-family residence fix & flip investment in Hubert.

Purchase price: $113,000
Sale price: $210,000

This property was brought to us by an agent who had a seller that needed to sell her property as-is and quick. The home wasn't in terrible condition but the tenant was dirty so a cosmetic renovation was needed (paint, flooring, cabinets refinished and counters, lighting and bath upgrades). We were able to close fast, get it renovated and within 24 hours of getting listed on MLS we had a pull priced offer!

PP: $113k
Reno:$32k
Sales Price: $210k (pending)

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

The numbers looked very optimistic. House wasn't in bad condition, but definitely had a DIRTY tenant!

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

An agent brought it to us knowing we could close fast and buy AS-IS. The home needed some repair and could probably only sell cash/conventional on market.

How did you finance this deal?

We used Hard Money and Private Money for this deal!

How did you add value to the deal?

-We went through and removed all the flooring, replaced with LVP.
-Replaced appliances
-Refinished cabinets and replaced tops
-Refinished bathtubs and replaced vanities and toilets/mirrors
-Replaced all lighting
-Septic repair (replacing 2 damaged drain lines)

What was the outcome?

Home went on MLS and under contract in 24 hours! Full asking price with no closing costs! Private money lender was very excited and already eager for the next deal!

Lessons learned? Challenges?

This took a bit of patience as we had a septic issue come up during inspection. Seller refused to believe there was a septic issue and kept ordering inspections. Finally we agreed on a price and split the cost of the septic repair. This added 3 weeks to our timeline, being that septic repair requires permits and a waitlist to get it fixed.

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

We worked with our top-tier agent on this one! She found the deal, handled a lot of the headache and back and forth, got it listed and under contract right away.