First Flip Out of State

[Janeen Qadri]

Investment Info:

Single-family residence fix & flip investment in Jackson.

Purchase price: $64,000
Sale price: $162,000

Purchased a foreclosure in Tennesee that was vacant for 2+ years. 3 bed, 2 bath, 1 acre with a barn. Gutted and flipped it within 6 months during COVID. Sold within a day of listing.

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

I thought this would be a good project for me as a beginner who needed to learn everything from working with contractors to choosing materials that are appropriate for a flip without it being too complicated.

How did you finance this deal?

Conventional loan

Lessons learned? Challenges?

I learned a lot about how to communicate with various parties in this realm, how to negotiate and ensure everyone leaves happy with the deal. Tennesee laws are very different from NY too! Covid and the shortage of materials made it very challenging, pushing back the completion date by 2 months. I've learned that there will always be an issue and to prepare for what you can and work with it as best as you can to get the job done right.

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

Brian Williams - http://brianwilliamsrealestatesales.com/