Keel Boat Ln - Fix and Flip

[Robby Nash]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $81,000
Cash invested: $210,000

Nearly full-gut rehab in the Captain's Landing Subdivision. Located in Harnett County, the community has a private river access and boat ramp. Originally built in 1940, this 2-bedroom home with over 9' ceilings will shine once again.

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

We've been searching for a fix-and-flip for some time and found this early spring.

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

This was found on the local MLS.

How did you finance this deal?

We obtained a hard-money loan from Upright to help us fund this deal.

How did you add value to the deal?

This home was a previously neglected. There was roughly 3 feet of clothes, trash, etc. piled in the entire house when we purchased it. We have so far removed all the stuff, gutted almost the entire house, and are currently stuck in permit jail working on the septic relocation.

What was the outcome?

tbd...

Lessons learned? Challenges?

We're in a bit over our head here. The age of the home and its two decade vacancy has led to more damage to the structure than we originally thought. We will end up having to complete more of the labor on this project ourselves than planned and we will be fortunate to finish this one without being in the RED.

[Dmitriy Fomichenko]

Sounds like a huge project @Robby Nash ! Good luck with the rehab!