All Forum Posts by: Jason Harty

Quote from @Paul Chapey:

Congrats. I know that house on IoP. That's one of the nicest streets around Lake Norman. I live just off of IoP, closer to Brawley School Rd. If you ever need eyes on the property, let me know. I'm two minutes away.

Hey Paul, I am in town on IOP. Feel free to pop in and say hello. Just got here yesterday and getting a started on the reno!

Quote from @Amy Shutes:

@Jason Harty

I live and work in Mooresville in lakefront community. Not on the lake though. Nice find.

 Great to know! Thanks!!

Quote from @Paul Chapey:

Congrats. I know that house on IoP. That's one of the nicest streets around Lake Norman. I live just off of IoP, closer to Brawley School Rd. If you ever need eyes on the property, let me know. I'm two minutes away.

 Thanks so much!!! Feel free to stop in end of Dec to mid Jan. I will be there completing the reno!!

Quote from @Mark DiPietro:

@James York we live close by too. I’d love the address if you wouldn’t be ok DMing it. Love to check out the progress.

 618 Isle Of Pines Rd. Mooresville, NC 28117 ... I will personally be living there to complete the renovations end of Dec into Jan. Feel free to pop in and say hello!

Quote from @Dmitriy Fomichenko:

Way to go, congrats @Jason Harty ! 

 Thanks!!!

Quote from @Stephanie Meeks:

Congratulations Jason! What a great first deal. Live in Flips are a thing and are generally much more profitable albeit a lot slower than most other flips. Regardless, it looks like you and your wife came out on top! Are you thinking about doing it again? All those lessons learned could be applied to the next one. 

Likely not going to do a “live in flip” ever again. We have fortunately built our new home from scratch while living on the property and finishing while living in. Our goal is to transition our construction company into a full service fix & flip business for ourselves.  

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $141,000
Cash invested: $100,000
Sale price: $425,000

Bought this home as our primary residence where we lived in and renovated for 3 years as well as built our construction company. We were young and had minimal market education but knew we would not stay in this home forever. we knew it would be a vehicle to get us to where we wanted to be living. We did every ounce of work ourselves with the help of friends and family, we created a diamond level home in an OK neighborhood. The home was gutted without a single original pipe or wire left.

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

Construction experience and little to no money in the bank.

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

We looked for what we could afford. we only pre-approved for $150,000 at the time. We offered $150k and asked for 6% seller concession and they took the deal. SCORE!

How did you finance this deal?

FHA Loan.

How did you add value to the deal?

Complete gut renovation to diamond level quality home.

What was the outcome?

Total profits over $200K

Lessons learned? Challenges?

Do it faster next time! Challenges were living in construction for 3 years was quite stressful, but made our marriage stronger for surviving it.

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

Our trusted friend who brokered the buying and selling of the deal for us. Danny Moore of ReMax Long Island.

Quote from @Amy Shutes:

@Jason Harty

I live and work in Mooresville in lakefront community. Not on the lake though. Nice find.

 Thank you so much! If you know of any meet-ups in the area, I would love to attend while down there.

Also, we are interviewing vendors for the properties, if you have anyone you love to work with, I would be happy to build a relationship with them. We are looking for cleaners, handymen, landscapers. 

Thanks!!

Quote from @Anthony King:

@Jason Harty awesome location. I hope to move to Lake Norman soon. Care to share some numbers? Price? ARV? Expected revenue?

 Thanks! We love Lake Norman, we have friends and family all within 30-60 mins. We frequent the lake when visiting. 

Here are some basics - 

Contract price: $740k
Reno budget: $60k - $70k 
ARV: $940k+
AirDNA & Research: $143k in yearly bookings
Expected profits: $25k - $35k  

I am doing the work myself being I am a contractor in NY. We’ll get A LOT done for the reno budget. I plan to have the property open for bookings within 45-60 days of closing. 

Quote from @Michael Baum:

Yeah, they do the same thing here in Idaho on Lake Coeur d'Alene. Cool beans

 It makes sense from a utilities stand point. Looking forward!