Recent flip near Fayetteville, NC - $23,500 in 85 days

[Cindy Veit]

Here are some before and after pictures of a home I did earlier this year. This property is located right near Fayetteville, NC. I bought this deal off of a friend of mine who started on this project but never finished. https://www.dropbox.com/sh/wa3io8wpadghjpj/AAAN1Vy9jqTF6fsNOpYL-lIXa?dl=0 Purchase Price: $45,000
Repairs: $35,000
Sale Price: $115,000
Profit: $23,500 Days of Ownership: 85 Cindy Veit

[Lee Huffman]

@Rasheema Abduls-Salaam, we have bought 3 rentals in Fayetteville this year. We bought distressed, rehabbed, then added a tenant. We purchased in all cash and kept "purchase+rehab+carrying" costs to less than 70% of ARV, then did a cash-out refinance (lesser of 70% of ARV or HUD-1) once tenant was in place. We're at rent of 1.2% of "purchase+rehab" on the 2015 properties, which is a >14% annual return. Considering that we were able to pull out almost 100% of our cash on the deals, we're at an almost infinite "cash-on-cash" return.