Jonesboro House Hack

[Maurice Young]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $10,000
Cash invested: $6,000
Sale price: $32,000

This was a "House Hack" project I recently SOLD. 2 Bedroom/ 1.5 Bath with a 2 Car Garage, upgraded HVAC, plumbing, with some electrical upgrades.

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

Mostly the cost of acquisition.

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

This was a probate deal, inherited property.

How did you finance this deal?

All cash.

How did you add value to the deal?

Upgraded HVAC, replaced some old leaking pipes in kitchen/ baths, minor electrical upgrades, light interior wall/ ceiling patching and additional Cypress and Japanese Maple trees to yard.

What was the outcome?

Doubled my initial investment and I really did not have to do much marketing since I was receiving inquires while I was in the reconstruction phase.

Lessons learned? Challenges?

The challenges of probate court which are; be patient, use an experienced real estate attorney, perform a thorough title and lien search on the property. Years ago on another property, title insurance saved me the expense of having to pay an undiscovered lien.

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

"Chad the HVAC Butler," gave me a very reasonable price on the new central air system.