All Forum Posts by: Jessica Hammond

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $95,000
Cash invested: $62,000

Single family home. Purchased it in cash from the home owner right before foreclosure. Subdivided the lot to create a new parcel and sold the parcel for new construction.

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

Great opportunity and a great area. Cute older home purchased well below market value.

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

A friend knew the home owner and wanted to help him avoid foreclosure.

How did you finance this deal?

The purchase and renovations were done in cash with a partner.

How did you add value to the deal?

We found the deal but needed a partner who had contacts for contractors and knew the market well as we were new to the area. We have managed the finances and completed some of the work ourselves.

What was the outcome?

The house was on a 1.75 acre lot, which was subdivided. The new parcel was sold for new construction. The house is currently on the market.

Lessons learned? Challenges?

We learned a lot about working with contractors, estimating repair costs, unexpected expenses, sometimes paying a professional to complete the work is worth your time and money, cheap labor is not always cheap

@Lexi Teifke thanks for the tip! We thought about waiting to move for that reason but an opportunity was presented to us so we decided it was time to move. I’m not sure if I love the idea of moving every two years. We have a lot of hobbies, with lots of gear 😬 

Investment Info:

Single-family residence fix & flip investment in Tampa.

Purchase price: $315,000
Cash invested: $35,000
Sale price: $439,000

We completed a live-in fix and flip. We found a house that had great bones but needed some updating and TLC. Over the course of a year and a half, we renovated the entire home, from top to bottom, all while pregnant with our first baby!

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

We were looking for an investment opportunity as we knew that we wanted to eventually move out of Tampa.

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

We found it on the MLS. It was listed for $350,000, dropped for the original $400,000 asking price. We got it under contract for $325,000 and negotiated based on the need for a new roof and air conditioning units.

How did you finance this deal?

Traditional financing

How did you add value to the deal?

My husband and I did nearly all of the work ourselves.

What was the outcome?

We successfully estimated the rehab costs and flipped the house.

Lessons learned? Challenges?

We learned a lot throughout the experience, particularly that living in a construction zone while pregnant is not fun 🤮. We now know and appreciate the hard work that goes into each task, but will defiantly contract out most of the work in future deals.