Connie's First Kingsport Flip

[Constance Grandelli]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $89,500
Cash invested: $55,000
Sale price: $179,900

This was the perfect house to flip, 3/2, 1540sf, ranch with detached two car garage. Insurance paid for a new roof after a storm took off about a third of the shingles. The biggest issue I had, as always, was getting good contractors.

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

It was a house with good bones.

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

Originally I had listed it, but the buyer refused to show it. So, I made him an offer.

How did you finance this deal?

Private lender

How did you add value to the deal?

Total gut & rehab

What was the outcome?

A beautiful home that sold the day it was listed.

Lessons learned? Challenges?

Better off to get a good contractor that may cost more up front, than go through a bunch of cheap contractors. Also, started using subs for specific jobs. Lowes installed the flooring at 99 cents per sf. Hired a plumber to do the plumbing, etc.

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

Sure! Me! :0)