First home purchase...Flip?....Lesson?.....YES!

[Jake Donohoe]

Investment Info:

Single-family residence fix & flip investment in Middleport.

Purchase price: $74,000
Cash invested: $9,490
Sale price: $85,000

Contributors:
Tabitha Turner

First home purchase! This was never intended to be an investment property, but rather our long term home. As we learned of new opportunities and finished school we where drawn to other areas. We made magic happen and added as much value to the property as we could! Middleport very depressed area with only a few property sales a year so not very many comps or any promise of hope to move this one. We where persistent and found a great realtor in Athens, Ohio (Sandy Radcliff @ LCR Realty) to help push forward. We have since moved to a small apartment in Sevierville, Tennessee to pursue more projects in a more tactful manor!

PS Miss this MASSIVE garage.

Here is a link with more photos for your pleasure.
https://photos.app.goo.gl/np8LomRrNYDFzGsj8

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

Eager to stop paying rent and own a place of our own. Oh and this place had a massive garage!

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

Many hours of scoping out every listing that was under $100,000 locally.

How did you finance this deal?

We found and pursued this property via Zillow and LCR realty in Athens, Ohio.

How did you add value to the deal?

LOTS of landscaping, most of the value add was removing trash, ugly plants, trees and other horrible previous owner ideas. The garage was about 1300sqft after we removed some walls that served as an office.

What was the outcome?

We created the perfect American white picket fence house on the corner. TOOK ACTION and found people that could help make things happen fast!

Lessons learned? Challenges?

Track all expenses, have a plan, and ask more questions before taking action. Everything is a lesson if you choose to see it.

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

Husband and wife team Josh and Sandy Radcliff where critical parts of our team making this happen from purchase to sale. We learned a lot about the process via these two great people!