Single family dwelling

[Andrew Sargent]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $340,000
Cash invested: $80,000

3.3 Acres, two joined 1.15 acre lots (one presently empty, the other fenced in), Rural scenic preserved road, 1800 square-ft house, , a cathedral great room, plus 1.5 garage, and large screened in porch; one lot has Dog kennel, small barn, large workshop shed, beautiful grove of bent pines.

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

My real Estate agent told me it was being sold well below value because the family was being forced to move quickly for work. I'd been reading many books by Kiyosaki and friends

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

Real Estate agent brought it to my attention

How did you finance this deal?

Movement Mortgage

How did you add value to the deal?

Did quite a bit of clean up and tree clearing on both lots, filled in a dry pond, removed an above ground pool buried in the ground, added a bedroom from an existing open space, joined an extraneous dining area with the living room to make a great room, painted the barn.

What was the outcome?

Marion County in Florida made my attempt to officially add a bedroom a nightmare burning up months of my time and causing me to miss opportunities to rent it until we hit winter and everything got worse and worse with the economy. I've still not found a renter and just want to sell to get out from under. I think I can turn a profit on a flip given how much work we did, but I will not make as much as I hoped because of so many delays from the county.

Lessons learned? Challenges?

The books make it look easy, but few discuss the areas that proved most difficult—lending processes & county building departments. I got conflicting advice from different lawyers, accountants, real estate agents, loan officers and all the books.

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

Tracy McEachern from Magnolia Homestead was great for both my own home and this property. 353-345-5849 (https://www.realtor.com/realestateagents/5e8a279e3edaf000113f9f11); https://www.magnoliahomesteadrealty.com/