Flip near Huntsville, Alabama

[Caleb Bryant]

Investment Info:

Single-family residence fix & flip investment in Laceys Spring.

Purchase price: $70,000
Cash invested: $26,086
Sale price: $175,000

Contributors:
Evan McCuen

Fix & flip in Lacey's Spring, AL. Picked up the property well under market value from a motivated seller. Ended up selling a lawn mower, tractor and other misc items not included in the numbers. (Channeling the inner Gary V haha)

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

The retail market in the area doesn't have much inventory, so any time there is a chance for a good flip, it's worth doing.

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

This deal came through our website SEO. The seller was very motivated and wanted to move to Florida, wanted to sell quickly.

How did you finance this deal?

This project was financed with a hard money loan from The Hard Money Team. The process working with them was pretty smooth.

How did you add value to the deal?

We replaced the HVAC, rehabbed the bathrooms, did some roof work, general cleaning and some new floors.

What was the outcome?

The outcome was strong, our best profit to date on a fix and flip SFR.

Lessons learned? Challenges?

COVID had a couple buyers spooked so we had a couple contracts drop. Had to put the HVAC in after inspection. Learned that it's never going to be perfectly smooth but if you stick with it you'll make it through.

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

Rachael McCuen for Chanda Davis Real Estate sold the property and did an excellent job. The Hard Money Team was great too.