810 Highland - North Knoxville COVID FLIP

[Cory King]

Investment Info:

Condo fix & flip investment.

Purchase price: $70,000
Cash invested: $12,000
Sale price: $114,000

Bought through a seller lead. Older gentlemen had the condo for years and it was falling into disrepair. Was able to buy without selling so he moved out and I bought the unit from him directly. Brought in a friend/contractor to help split the costs and share in the labor. Together we tackled the project for about 2 months right as the covid-19 pandemic began which was an interesting time for everyone. adding new flooring, paint, appliances, resurfacing showers & tile backsplash.

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

Good flip opportunity with mostly cosmetic updates needed

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

Seller internet lead

How did you finance this deal?

cash/private money

How did you add value to the deal?

New flooring, lots of paint, appliances, gutted the bathrooms except the shower insert which we just resurfaced along with the kitchen tile backsplash.

What was the outcome?

Great flip that honestly we should have just held as a rental and possibly sold later. It was right at the beginning of the pandemic so everyone was up in the air as to which way the market would go.

Lessons learned? Challenges?

Proper communication and managing expectations of timelines. We both had different things going and we were about to welcome a new baby so staying on task and schedule could have been better

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

Self represented as agents