Some FLIPPING FUN!

[Matthew Coghlan]

Investment Info:

Single-family residence Fix and FLip.

Purchase price: $335,000
Cash invested: $56,845
Sale price: $505,000

This was our main residence for 2 years. During this time my wife and I updated and made some minor repairs. We also added two cabins on the property, one was 12x24 and the other was 12x20. We completely finished them out with kitchen, bathroom. They both had full electric,water and septic. My wife and I did all the labor except running plumbing and connecting electricity to the breakers.

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

My wife and I like restoring homes to their former glory with a new updated look.

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

We utilized a real estate broker.

How did you finance this deal?

We did a 30 year conventional loan with 5% down.

How did you add value to the deal?

Besides fully updating everything inside from paint to plugs, We refinished the kitchen floor, We gutted the basement bathroom and rehabbed it completely.We also added a fence around the property. But one of the biggest value adds we did were to install and finish 2 small one person efficiency cabins on the property.

What was the outcome?

We had the right property in the right market conditions. We ended up having bidding wars on the property and accepted the offer we felt was right for us.

Lessons learned? Challenges?

We learned several factors besides a wonderful property leads to successful investments. Including the right team of people on your side. From the mortgage lenders down to the real estate broker. Our broker was a very knowledgeable and seasoned agent. He knew the market like the back of his hand, and knew exactly how to negotiate in a energetic market!

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

We would always recommend Gaius Hill with Christian realty in Franklin Tennessee. https://www.linkedin.com/in/gaius-hill-11891017