South Charlotte Flip - Should have kept it...

[Jorge R.]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $62,500
Cash invested: $17,000
Sale price: $128,800

2/1 SFR in a C+ neighborhood.

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

The property needed a decent amount of work and the seller was looking to unload it as soon as possible. The house had been remodeled 5 years earlier - new roof, siding, windows, electrical and A/C. Needed a lot of clean up and cosmetic work due to bad renters.

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

The seller called me from a postcard the neighbor had passed along. The postcard was directed to pre-foreclosure properties - you never know... Made an offer and the seller countered asking for $500 more and we agreed.

How did you finance this deal?

Paid cash

What was the outcome?

The home was solid and came out looking great. The house was sold to a really great young couple buying their first home.

Lessons learned? Challenges?

Wish I would have kept it as a rental, that part of Charlotte is going to continue to appreciate.