Lake side rehab in Spring City Tennessee

[Thomas Levi]

Investment Info:

Single-family residence fix & flip investment in Spring City.

Purchase price: $70,000
Cash invested: $25,000

3 bedroom 2 bath 1700 sq ft. split level home on 1 acre,1 mile from the Marina and Lake. Rehab included new roof, gutters, exterior doors and paint. Interior received paint, trim, new hand-scraped engineered flooring, rebuilt stairs, custom tile work in bathrooms, updated cabinets with stainless appliances and all new electrical and plumbing fixtures. House features front and rear decks in a quite neighborhood.

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

This was an inherited property. The daughters could not afford the upkeep or the cost of repairs. I took on this project as a way to alleviate their stress and bring their parents home back to life.

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

Word of mouth. It took me 4 months to negotiate the price to a place where it made sense to rehab. I literally touched base with the owners every week to see how I could help and to show them that I was serious about the project.

How did you finance this deal?

Private Lender

How did you add value to the deal?

Aside from the upgrades to the home, the previous owners walked away with a feeling that their parents would have been proud of the rehab. The value was added to the daughters as they honored their mom and dad by putting their house in the hands of someone who kept them involved in the project and saw it through to a grand finale.

What was the outcome?

Great rehab. New connections and friends made. Currently listed for sale.

Lessons learned? Challenges?

Real estate is about more than money. People's lives and memories are attached to houses and to be given the opportunity to honor that is an amazing gift.