Athens AL fix and flip!

[James Phillips]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $48,000
Cash invested: $23,742
Sale price: $92,000

Flipped a HUD home. It was the 15th home I visited/looked at. Everything was cockroach filled and needed to be replaced, and I did! Closing on November 21, it was listed for sale for less than 24 hours, full list price offer.

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

It was available/not purchased already.

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

MLS and through my agent

How did you finance this deal?

Eva bank has a good program, but it was a conventional loan in the end

How did you add value to the deal?

Fixed everything at the right price.

What was the outcome?

PROFIT

Lessons learned? Challenges?

Either measure windows correctly yourself, or suck it up and get someone else to measure and install them. Either way, decide on new windows from day 1 and order them day 2. It takes a few weeks for the windows to get in, and on a fast flip, you can't afford to wait 6 weeks like I did to get them installed.

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

Yes- Sarah Ragan is excellent, and we are going to start on our next one soon!