First Flip. Ready to go again!

[Tera Mabe]

Investment Info:

Single-family residence fix & flip investment in Knoxville.

Purchase price: $67,000
Cash invested: $17,000
Sale price: $127,900

3 Bd, 1 Ba. SF. Rancher.

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

I love seeing old homes come back to life. The property had been abandoned for several years, but it had great bones and so much potential.

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

Came across the owners outside in the yard and offered to buy!

How did you finance this deal?

Private bank loan with 15% down, and rehab line of credit.

How did you add value to the deal?

Complete renovation. Added open concept into kitchen, with down draft range for small space. Hand cut and stained butcher block countertops. Opened wall from kitchen into the storage space connected to the carport to create sunroom. Added outside access with deck. New flooring. New baseboard and crown molding. Reframed interior windows. Refinished bathroom tub and tile. Refinished used cabinetry. Stainless steel appliances. Landscaping. Complete paint interior/exterior.

What was the outcome?

SUCCESS!! Sold within 48 hours of listing.

Lessons learned? Challenges?

Plan wisely so that you don't have to do things twice. Contractors, and then back up contractors, and then back up back up contractors.

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

Allison Oaks, Broker. Platinum Realty Group. Knoxville TN.