Easy Fix n Flip in Memphis TN

[Verna Littleton]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $41,000
Cash invested: $21,000
Sale price: $85,000

This was an easy fix n flip I did in zip 38109 in Memphis, TN. I replaced the roof, water tank, updated, electrical, updated the kitchen, refinished and stained the original hardwood floors, renovated the bathroom, Basically I did a total renovation! I also painted the interior and exterior and did professional landscaping. This home had about 11 offers and sold for cash to an owner occupant. Check out my before and after pictures below!!

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

I am a full time realtor, but I have always loved doing fix n flips. I love taking a home and renovating it to make it look new again!

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

I found this deal in MLS. It was a bank REO and I was able to get the property after a competitive bidding war. It was originally listed for $31,000 but the competition drove the price up to $41,000.

How did you finance this deal?

Cash no financing

How did you add value to the deal?

I did just about everything new. I added curb appeal and did'nt miss any details when doing the rehab. I wanted the door hinges and door knobs to all match and be brushed nickel. The buyer was so impressed they bought it as is and did'nt even do a home inspection which is unheard of.

What was the outcome?

I received about eleven offers and all were above the list price.

Lessons learned? Challenges?

I used a plumber that I never used before. I was not able to meet him there that day but I trusted that he would do the right thing since he came highly recommended. He ended up charging me for work he did'nt do and I had to pay another plumber to come in and re-install the water tank. This was a $900 lesson. So now I make sure I meet all contractors!! This was just a busy day and I could not make it. Never again.

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

I am a realtor and I paid cash for this property. So no lenders were involved, but the buyer did have their own agent.