Under contract during Covid

[Larry Lee]

Investment Info:

Single-family residence fix & flip investment in Crossville.

Purchase price: $122,000
Cash invested: $60,000

We were determined to get our first flip home under contract during the closure of our company due to Covid 19. After putting in only 10-15 offers we got the home under contract on 5/9/20. We close on 5/29 and I will post pictures and the progress of the flip.

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

I want to do a couple fix and flip deals to build connections with gc's and subs.

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

It was a for sale by owner deal. I found it driving around our market after work one day. We originally put in an offer about 45 days prior in which the seller did not counter. I keep a calendar of every offer that we put it and we typically come back to it in 45-60 days. We did that on this deal and made another offer, at that time the seller finally countered and we were able to work out a deal.

How did you finance this deal?

We used a local bank and set up a 12 month interest only loan.

How did you add value to the deal?

TBD

What was the outcome?

TBD

Lessons learned? Challenges?

TBD