Nashville suburb Case Study: Fix and Flip + House Hack

[Tommy Brant]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $125,000
Cash invested: $100,000
Sale price: $282,000

Hi BP! To keep it brief: Bought a house via short sale. Lived in it while doing rehab. Also house hacked with college buddy who didn't mind a little dust. He basically paid the mortgage. Worked full time during this period. Was a slow flip, but very accelerated toward the end to close it out. Appreciation was also in my favor. Learned a lot, and ready to apply it to the next one! Liquidating this property with hopes to start my rental empire this year. Crossing my fingers for a four-plex!!

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

The pool in the backyard, no big foundation issues, and was close to work.

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

Bought via short sale

How did you finance this deal?

Traditional

How did you add value to the deal?

100% new floors,
100% new paint,
Kitchen reno,
new roof(waited for a bad storm to get help from insurance - it rains a LOT in middle TN)
got the pool online
redid backyard
curb appeal/tree de-cluttering
little foundation improv,
lot of drainage improvements

What was the outcome?

I knew I didn't want to rent this house(largely on account of the pool and associated expenses), so I sold the house.
House went on the market, and in less than two days there was a bidding war, and third day was under contract. That's the Nashville market for you.
I netted $50k+, owe nothing on it, and LEARNED

Lessons learned? Challenges?

The best insights extracted from all of this was learning cost per types of renovations.
There's also some value 'hacks' I'd like to try on property rehabs moving forward(replacing cabinet doors VS replacing the whole cabinets, etc.)