Gold Mine in the Smoky Mountains

[Cassidy Melhorn]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $130,000
Cash invested: $32,000
Sale price: $259,900

3,400 sqft house in neighboring county that was purchased from a beautiful seller who had a bad experience with a wholesaler continually extending a contract they couldn't seem to assign at 279k. After she refused to extend she called me and I bought it a week later for 130k. We put 20k in paint, carpet, staging, and a few other knick knacks and sold it above list price at 259k. We owned the property 59 days.

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

The seller was motivated and she had paid cash when she purchased the property so I knew a deal could be made.

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

Website Opt-In. I just shoot straight. My number is my number and thats where we'll need to be if were going to do business.

How did you finance this deal?

Hard money for the purchase and cash on the rehab.

How did you add value to the deal?

Lipstick rehab and being honest with the seller.

What was the outcome?

Netted 92k in 59 days with only 32k invested.

Lessons learned? Challenges?

Truly motivated sellers with equity value honesty and integrity over sales price.

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

As always, my beautiful wife Victoria Melhorn of Realty Executives in Knoxville sold the house above list price at 2 days on the market