Successfully flipped My 20th house in Fayetteville NC

[Reggie Ramsey]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $115,500
Cash invested: $40,000
Sale price: $186,000

My 20th Flip in the Fayetteville NC area.

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

I've been investing in Fayetteville for 10 years now and I've only done fix and flip.

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

I'm a real estate agent and found the deal on the MLS. I had to bid aggressively to win this deal.

How did you finance this deal?

Lumbee Guaranty Bank

How did you add value to the deal?

There was over 600 square feet of unfinished bonus room that was finished.

What was the outcome?

It took me an extra 20 days because I wanted to give another contractor a chance to show me what he can do. But I didn't want to have two different contractors working at the same time. So I let my usual contractor finish the down stairs and then let the new guy tackle upstairs.

Lessons learned? Challenges?

I hate refinishing hardwood floors. I'd probably will just remove the flooring and go with new next time.

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

Yes, the agent that listed my house did an amazing job...House received multiple offers in 3 days and we were under contract in 4 days. House was sold 30 days later. If you ever need a house listed and sold quickly... Contact ME. LMBO!!