2nd completed house flip

[Nick McMahan]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $69,728
Cash invested: $16,000
Sale price: $136,500

3b/1bth 1050sf basement rancher fix and flip. 2nd flip. Still loving it, still learning, still working at the Credit Union part time. Currently looking for more flips and or rentals.

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

Auction foreclosure.

How did you finance this deal?

Cash.

How did you add value to the deal?

Completed the work myself saving on labor costs and learning more along the way.

What was the outcome?

Great, nearly 40k profit, after realtor fees.

Lessons learned? Challenges?

I was originally concerned with it having only 1 bath and saw potential in adding finished space and a bath in the basement. It would have taken an additional 15k and several more months but not yielded much more ARV. I learned that sometimes leaving some things open for the new owner to put their own vision into is a good thing. He liked the clean but blank space in the basement for his own imagination.

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

Missy and Blythe Sanders of Stephenson Realty and Auction in the Knoxville and surrounding areas have been great to me and wonderful to work with. Lower commissions and higher results, they have sold my last 2 houses in less than 30 days each. They remain available and connected after the deal. Relationship based realtors.