The Hottest House B.C. (Before Coronavirus)

[Reggie Ramsey]

Investment Info:

Single-family residence fix & flip investment in Raeford.

Purchase price: $107,000
Cash invested: $35,000
Sale price: $163,500

The Hottest House . 30+ showings in 48 hours, with 17 offers.. You may be thinking... the price was too low. NOPE. Just low Inventory in the area. Under contract in 3 days and right before Covid-19 shutdown America!

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

I love the location and new it would sell quickly.

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

Believe it or not in the MLS! Highest and Best situation.

How did you finance this deal?

Lumbee Bank out of Raeford!

How did you add value to the deal?

New Roof, new HVAC, new water heater, New Granite... everything new!

What was the outcome?

Project completed in 40 days. Under contract in 3. Buyers initial lender failed horribly...Buyers 2nd lender was amazing.

Lessons learned? Challenges?

I tried to give someone new a chance..and they blew it! I want to say just stick with your usual guys but I believe you should always be looking for more talented contractors in the area.

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

I was the buyers agent when I purchased...and I was the Sellers agent when I sold... I love working with Allen Davidson at Lumbee Bank in Raeford. I also enjoy working with Stephanie Foley at Fayetteville Insurance Services. My Attorney is the best, Rebecca F. Person, PLLC... Tell them I sent ya!