First investment in Chattanooga

[Jessica Lombardo]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $89,900

Still working on fixing this one up. Think it will take around 10k to fix and should cash flow about 250 per month and be able to refinance all of the cost out of it.

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

I really wanted to try doing a BRRR investment this one made sense and so did Chattanooga for this type of investment.

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

On the MLS, bought it for asking as everything is going so quickly and it was a good price.

How did you finance this deal?

Conventional 5% down.

How did you add value to the deal?

The house was a great price it appraised for 12k over the purchase price when it closed but also making some updates to increase the rental value.

What was the outcome?

Still working on it,

Lessons learned? Challenges?

Trying to focus on what is and isn't important it is really easy to keep wanting to add new projects but I am trying to look at this one as simply proving that this can work. Maybe branch out later into more fun projects.

[Andrew Kougl]

@Jessica Lombardo

How were you able to purchase it for 5% down? Are you living in it?