Turnkey Fix & Flip in Millington, TN. Off Market Deals Rock!

[Jason Hopkins]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $85,000
Sale price: $137,500

Numbers for this Turnkey fix & flip.

Purchase Price-$85,000
Rehab-$20,343.23
Closing cost, marketing, HML and other fees-$10,200
Sale Price-$137,500
Profit-$21,956.77

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

Great area and the numbers were a no brainer.

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

This was a off market deal that a fraternity brother sent to me. He is a wholesaler in the area. The property had tenants of 18 years so I had to wait 30 days to close so that the property could be delivered vacant. The good news was that the seller had given the tenants a heads up months before that he was going to sell this property so they were not surprised. Overall they kept the property in good shape.

How did you finance this deal?

HML

How did you add value to the deal?

Added 20K in renovations. I was able to save money on the roof, HWT, and AC condenser because they were all less than 5 years old.

What was the outcome?

Property was under contract to sell quickly. In fact the property was under contract before renovations started.