Current investment: Bluff overlook, broken pipes, 3 week flood & great view.

[James Hensley]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $312,000
Cash invested: $20,000

We bought this property to flip but it has taken far longer than expected. This house is an old roadside overlook, positioned above Lake Taneycomo half of it is stone siding the rest is vinyl. It has a concrete picnic table on the edge of the bluff and has an "interesting" layout, and it hadn’t been updated since the 70's. Yes that is a green tub that’s sunk halfway down in the floor....

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

Loved the old stone and the picnic table. I like that it was a public overlook in its previous life and I love that it has the original outhouse with the best view on the property!

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

Zillow, local MLS

How did you finance this deal?

30 year mortgage 6% interest

How did you add value to the deal?

75% gutted and replaced all the bathroom and pressure side of the plumbing, fixed the layout issues. New tile, paint, carpet and completly new kitchens.

What was the outcome?

Still in process...

Lessons learned? Challenges?

Had a hard (-20 deg f) freeze. Plumbing burst in multiple locations, flooding the house for three weeks! Luckily(?) its on a well so no huge water bill. Destroyed one bathroom and prompted total gutting of two bathrooms. Lesson learned TURN OF YOUR WATER WHEN YOU WONT BE THERE FOR MORE THAN THREE DAYS!

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

Rashele Hubbard USA Mortgage 417-592-4525