1141 Hamilton Street Jacksonville FL Buy, Hold and Flip

[Jack Bobeck]

Investment Info:

Single-family residence buy & hold investment in Jacksonville.

Purchase price: $29,000
Cash invested: $60,000
Sale price: $170,000

Basic 3 bedroom 1 bath home that needed work, new appliances, new everything. I did use it for a rental for a while, as the market improved. Then I was able to get serious about it and get it sold this Spring. I outsourced the roof, AC, Electrical and Plumbing. We did the inside painting and alot of the carpentry ourselves. Learned a lot too about what to do and when.

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

I had the cash after the down turn in the market back in 2012 and I purchased this and another property with it. Good deals in down markets and I knew that properties would come back. And they did!

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

I bought it at Auction.com

How did you finance this deal?

Cash

How did you add value to the deal?

I replaced everything in the house to make this 1940s house look brand new.

What was the outcome?

I was able to cash out and pay off debt.

Lessons learned? Challenges?

Always listen to your girlfriend. If a Sub cannot do something simple, they cannot do something difficult either. I had 1 sub try 4x to build a back deck.

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

No agents I would recommend.