Most recent flip in MS

[Dustin Lunceford]

Investment Info:

Single-family residence fix & flip investment in Pearl.

Purchase price: $126,500
Cash invested: $19,495
Sale price: $187,500

We purchased this from a wholesaler. We replaced the floors throughout with LVP and carpet. We replaced the kitchen countertop and sink, put in a new range and refrigerator, did some light landscaping, and completed all necessary mechanical repairs. The previous owner had recently painted, so we touched up what needed it and completed the baseboards following the floor installation. We decided to leave the wallpaper in the kitchen because it was in great shape and it gave the house something to be remembered by, good or bad. It was on the market for a little over 2 weeks.

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

The opportunity to do another flip after a number of years without one that was a pretty light rehab.

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

We found it through a wholesale company on Facebook. We negotiated with the wholesale company and were pretty firm on our terms.

How did you finance this deal?

We financed this deal with a private loan from a family member.

How did you add value to the deal?

We updated the flooring and kitchen. We added new appliances, removed some old falling down fence, and completed small mechanical repairs that brought peace of mind to the buyers.

What was the outcome?

We sold the house for a little under asking price in about 2 weeks. We netted on the higher side of our projections. And we have a great since of pride in having successfully renovated and sold a property.

Lessons learned? Challenges?

Vet your contractor. We had a rough go with our first contractor. That experience did teach me to trust my gut, question when things seem a little off, and when enough is enough, end things.

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

I am an agent. That was helpful in properly comping the house on the front it.