Successful flip in Tega Cay, SC

[Jon Gore]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $120,000

Cash invested: $188,000

Sale price: $270,500

This home was vacant for about 5 years. Purchased off market. This one took about two months longer than normal to rehab. We ran into electrical, plumbing and roofing issues.

This was a complete gut and renovation.

We used our own cash for purchase and rehab.

Purchase: $120,000
Rehab: $68,000

Sold for $270,500.

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

I grew up in this city and knew the previous homeowners. They moved out of town years ago but were still paying for the house. I wrote them a letter asking what the plans were for the home. They called me and within a few weeks I had a signed contract.

How did you finance this deal?

Purchase and Renovations were cash.

How did you add value to the deal?

This was a complete renovation. New kitchen, flooring, paint, bathrooms, windows and doors. The roof needed to touch ups to stop a leak and we added seamless gutters. Front and back deck needed some repairs. We added a screened in back porch and stained both decks. Landscaping was a huge cost with this one. We ended up taking down about 9 trees and grading the entire from yard. Added sod and a nice palm tree as you walk to the front door.