OUR LATEST PROJECT - JACKSONVILLE NC BRRRR

[Chris Tarpey]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $67,500
Cash invested: $15,000

This deal was brought to us by my neighbor who spoke to the owner of this home. This was his grandmothers home that he inherited, and it needed A LOT of work. We were able to walk it and make an offer same day. 3 weeks later, using private money we closed!

PP: $67,500
Reno: $50,000
ARV: $150,000

Renovations currently underway! Ill try to post more pictures as we go through it! Framing out a 3rd bedroom today and updating electrical and plumbing. Next up HVAC replacement, sheetrock and paint!

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

Local to our area, we have multiple rentals in the area.

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

Neighbor let us know the gentleman was interested in selling. We made an offer around $65k, he wanted $72k and we met at $67,500.

How did you finance this deal?

Hard Money - Lima One Capital

How did you add value to the deal?

We are currently doing a gut renovation. New Windows, flooring, HVAC, paint, framing in a master bedroom and a complete kitchen and bath remodel.

What was the outcome?

Still undergoing renovations!

Lessons learned? Challenges?

I'm sure there will be

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

This was an off market deal - but our lender and attorney as well as local neighbors were key in making this deal happen!