Fix and Flip in Memphis

[Samuel Connor payne]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $82,000
Cash invested: $15,000
Sale price: $160,000

A fix and flip we completed. House got a total overhaul of brand new paint, refinished flooring, completely gutted bathrooms, brand new roof, new electric panel, new granite, new appliances. This house lasted on the open market for three days.

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

I recently completed my first flip house and quickly started looking for deals. We had much success on the first house and became addicted.

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

We found this deal by attending an open house on a different property. The agent at the open house told us he had an investor who was slowly dumping his rental properties. He showed us the property after the open house and we made a deal later that week.

How did you finance this deal?

We financed the deal using all cash.

How did you add value to the deal?

We repainted the entire inside and outside. Updated bathrooms and kitchens with new tile and granite. Upgraded the panel. Replaced the roof. New fixtures and appliances.

What was the outcome?

House was under contract in 72 hours.

Lessons learned? Challenges?

Flip took a little longer than anticipated. Was juggling two flips and an expanding tile contracting business. I also got married during the middle of the flip.