Quick East TN SFH Flip

[Jeff Shipwash]

Investment Info:

Single-family residence fix & flip investment in Harriman.

Purchase price: $95,000
Cash invested: $48,000
Sale price: $189,900

This was a house that needed lots of TLC due to previous renters destroying the place. It was in a great location close to shopping, restaurants, interstate, and a new county hospital. The unfinished basement provided an ample opportunity to restore and make for an excellent storage area or whatever the new homeowner desired.

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

The location of the property was critical in me deciding to buy it. It was in a great neighborhood.

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

This deal actually came from the MLS. I had an agent refer it over to me. the owner wanted $125,000, but I could not offer her that. She put it under contract with a retail buyer and I knew it would fall through at inspection. Patience was key here and I was bale to come in and buy it at the price I wanted once the contract fell through a month later. The owner lived somewhere else and didn't have the funds to remodel and repair the house.

How did you finance this deal?

I utilized a hard money loan since I knew it would be a fast flip.

How did you add value to the deal?

I completely gutted the kitchen and added new cabinetry, new appliances, and new countertops. We also utilized an existing wall dividing the kitchen and living room to make for a great island area. In addition, we repaired/retextured the ceilings, repaired and painted all the walls, added new light fixtures and door hardware, new vanities and toilets, all new flooring and baseboards. Downstairs we put new insulation in, added sheetrock to one of the exterior walls and drylocked.

What was the outcome?

The home was well received on the open market once we finished and we had the home under contract at full asking price within 48 hours.

Lessons learned? Challenges?

Always replace your shut off valves!