2nd Flip Complete in Louisville

[Kevin Hart]

Investment Info:

Single-family residence fix & flip investment in Louisville.

Purchase price: $84,000
Cash invested: $15,000
Sale price: $144,000

This was my second completed flip. It was a 3/1 single family home. I used hard money lending to finance the purchase and rehab. The property appraised for 144k so i listed it with a sales price of 144k. We listed in early December, which delayed the sale due to holidays. Once buyers picked up again, we quickly got it under contract in early January.

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

I flip houses in order to raise capital for buying long term rentals.

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

Wholesaler

How did you finance this deal?

Hard money lender for 90% of purchase price and 100% or rehab

How did you add value to the deal?

we did some cosmetic updates in the kitchen, new stainless steel appliances, fresh paint and flooring throughout. Biggest rehab was we had to completely redo the bathroom because the subfloor under the toliet and shower were water damaged.

What was the outcome?

sold for a nice profit of $16,000

Lessons learned? Challenges?

lessons learned was to plan better around the Holiday season. This sat on the market longer than expected because we listed it a couple weeks before Christmas.