Concord, North Carolina Flip

[Thomas Magill]

Investment Info:

Single-family residence fix & flip investment in Concord.

Purchase price: $116,000
Cash invested: $95,000
Sale price: $299,990

This was one of the toughest projects I've done so far, but one of the most rewarding. I had to take over the project from the original contractor due to lack of time and effort spent on the project.

I added a master suite by filling in a one car garage, built out the walkout basement, and opened up the floorplan. All of the major items were renovated ie mechanical, electrical, plumbing. And, a full renovation of kitchen and bathrooms.

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

During the summer of last year a lot of deals fell out of contract due to the pandemic. This property was one of those properties.

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

This deal was brought to me through a wholesaler, but they did not put a fee on the deal because they just wanted to get rid of it.

How did you finance this deal?

This deal was financed through private money.

How did you add value to the deal?

This biggest value add component came from filling in the carport with a master suite. In addition, the rest of the home was renovated top to bottom.

What was the outcome?

The property is under contract for sale and I'm just waiting for it to close.

Lessons learned? Challenges?

The biggest lesson learned was to never give a contractor two jobs at once, if it is the first time working with them.