Successful Flip In Southwest Louisville, KY!!

[Brad Noe]

Investment Info:

Single-family residence fix & flip investment in Louisville.

Purchase price: $76,000
Cash invested: $32,000
Sale price: $146,000

Contributors:
Christopher Vincent, Katie Noe

This deal in the Pleasure Ridge Park area ended up being one of the most challenging projects we have ever done, for several different reasons. From a disappearing contractor, to surprise structural issues, to nit-picky inspections (who demands a second handrail on a little 3-riser backdoor step?? Sheesh.), we were tested with this one for sure.

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

This lead came through direct mail advertising. Our acquisitions manager Chris handled the initial contact and walk through with the owner. Their mother had passed away and her brother had been living in the house without paying rent, although the mother left him no ownership interest in the estate.

How did you finance this deal?

We used a local hard money lender (SurePoint Equity) to fund the purchase + rehab, and we enlisted the help of some friends to make the 10% down payment.

How did you add value to the deal?

We repaired the roof, installed brand new flooring throughout, completely remodeled the bathroom, painted the walls and cabinetry, installed new doors and door hardware throughout, and spruced up the landscaping.

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

As always, my Realtor and wife Katie Noe (Keller Williams Louisville) did a phenomenal job from start to finish. She makes most of the design choices, stages the property, and of course markets it on the MLS for sale. Once again her hard work paid off for us as we landed an over-asking price offer within 24 hours of listing!

[Brad Noe]

@Joel Kleyer thanks man! I was being too lenient on him, he had done several jobs for us before and if I would have been paying more attention I would have seen the signs that something was going on with him. Hindsight is 20/20 of course. And while it is necessary at times to give General Contractors a little money upfront, in this case I overdid it and will never do that again. It's the old adage of Trust But Verify. I trusted what he was telling me was completed without verifying it, and got stuck holding the bag for it. Luckily there ended up being enough margin in the deal that it turned out OK in the end and we all still made some good money. But I was extremely stressed there for a while!