605 Westchester Dr Madison, TN

[Asury Johnson]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $185,000
Cash invested: $37,000
Sale price: $259,900

This home was built in the 1950's located minutes from downtown Nashville. Completely renovated with refinished original hardwood floors, fresh interior and exterior paint, granite counter tops, and oil bronzed fixtures. It was originally a 3 bedroom. Garage was converted to bonus area by previous owners, so we decided to add a his and her closet to make it a 4 bedroom. It also has 2 full bath with tiled shower/tub, 2 car detached garage/shop, car port, and fenced in yard.

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

We wanted to explore the Nashville market.

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

We contacted a realtor in the Nashville area that brought us this deal. Owners originally wanted 199k, but instead took our offer of 185K.

How did you finance this deal?

This was our first time using a Hard Money lender. We are trying to establish a positive relationship with them so they keep lending us money!!

What was the outcome?

Home is still listed for sale

Lessons learned? Challenges?

We learned to have a better scope of work for contractor and to maybe look into hiring a project manager to organize and follow up on project. I usually like to do all the subcontracting myself, but decided to let the general contractor do it to safe time. He is great, but was caught up with so many other projects that he couldn't give our home the undivided attention I would've liked.

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

We used Marshall Reddick for a Hard Money loan. I believe they are based out California? (My husband handles the funding portion)