Germantown homeowner flip

[James Wachob]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $380,000
Cash invested: $50,000
Sale price: $505,000

I purchased this property and expediently made the necessary repairs to list it as the least expensive home for sale in the highly coveted neighborhood, in the past two years. After the initial showing, a buyer offered a price higher than the listed amount, and we closed the deal in just 38 days.

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

The neighborhood

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

advertising with iBuyYourHouse.com

How did you finance this deal?

Local bank, line of credit

How did you add value to the deal?

Renovations that made the home move-in ready and pass the homeowner's home inspection with flying colors. We also removed several big trees and about 50 bags of leaves!

What was the outcome?

Great home for a family and a win in the books for my team.

Lessons learned? Challenges?

You don't have to go ALL OUT on every house. I could have replaced floors, cabinets, counter tops, and more to achieve a higher sales price but it was not needed and the same profit margin was achieved with a lower sales price and 1/2 the renovation time.

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

Yes. I am a Real Estate Broker in TN and MS. The buyer had a great agent who I've known for years.