Investment Info:
Single-family residence fix & flip investment in Murfreesboro.
Purchase price: $145,000
Cash invested: $80,000
Sale price: $285,000
Complete renovation of 1970s brick ranch.
What made you interested in investing in this type of deal?
I've been flipping houses for close to 20 years. It's the type of investment I know best.
How did you find this deal and how did you negotiate it?
Another agent found the house and I allowed her to represent me as the buyer in the deal for bringing the house to me.
How did you finance this deal?
Private financing from an individual.
How did you add value to the deal?
I owned the house and oversaw the entire renovation.
What was the outcome?
Made a nice profit on the deal.
Lessons learned? Challenges?
The biggest challenge with an older home is that you always run into problems you didn't budget for. We had to replace several floor joists. The replacement of the roof was more expensive than we anticipated because we found hidden damage when we pulled off the old roof.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a real estate agent and own a real estate company.
