Quick Flip - Big Bucks

[Klint Ruud]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $230,000
Cash invested: $25,000
Sale price: $350,000

I picked this up from a local wholesaler. The property owner had issues with tenants and was desperate to get rid of the property. We provided a solution for the owner with a quick, hard money close.

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

The year build was 2000. So I knew that if EVERYTHING went wrong with the deal it would still be a great buy and hold as a rental.

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

Wholesaler

How did you finance this deal?

Hard Money

How did you add value to the deal?

Cosmetic updates throughout. Paint, floors, countertops, light fixtures, and cabinet/door hardware.

What was the outcome?

The quickest flip of my life.

Lessons learned? Challenges?

My GC did not visit the property once and just had his subcontractors manage the work. I learned that for an easier flip I can sub out most of the work myself and save money on a GC fee. I also learned that time is EVERYTHING in this industry. I need to manage the things I have time for and then hire out the rest.

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

DJ JORDAN is an incredible lender here in Nashville. Consistently reliable. Very communicative. And honest. They want to see you win.