All Forum Posts by: Samuel Connor payne

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $82,000
Cash invested: $15,000
Sale price: $160,000

Fix in flip in Memphis TN

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $82,000
Cash invested: $15,000
Sale price: $160,000

Starter home flip in Colonial Acres. In this flip, we replaced the roof and electrical panel. We demo'd the bathrooms to the studs, and turned the tub surround in the master bathroom into a stand up shower. We then replaced it with brand new subway tile on the walls, wood plank tile on the floors, new paint, new toilet and plumbing, and a new barn door. In the other bathroom we used longer subway tile on the walls and the same plank tile on the floors. New vanity, mirror, toilet, and paint also went in the bathroom. In the living and bedrooms, all rooms got brand new fans, paint, blinds, and refinished hardwood. The kitchen received new cabinet doors, granite, appliances, and tile floors and backsplashes.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $82,000
Cash invested: $15,000
Sale price: $160,000

A fix and flip we completed. House got a total overhaul of brand new paint, refinished flooring, completely gutted bathrooms, brand new roof, new electric panel, new granite, new appliances. This house lasted on the open market for three days.

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

I recently completed my first flip house and quickly started looking for deals. We had much success on the first house and became addicted.

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

We found this deal by attending an open house on a different property. The agent at the open house told us he had an investor who was slowly dumping his rental properties. He showed us the property after the open house and we made a deal later that week.

How did you finance this deal?

We financed the deal using all cash.

How did you add value to the deal?

We repainted the entire inside and outside. Updated bathrooms and kitchens with new tile and granite. Upgraded the panel. Replaced the roof. New fixtures and appliances.

What was the outcome?

House was under contract in 72 hours.

Lessons learned? Challenges?

Flip took a little longer than anticipated. Was juggling two flips and an expanding tile contracting business. I also got married during the middle of the flip.

@Ben Day

Thank you

@Aaron K.

Thank you!

I purchased a property this year at 170k and put 30k of rehab into it. The new appraisal came in at 280k and I’m going to to have a new loan at 210k with the rest going to be a cash out refinance. My question is, is the 30k rehab able to be wrote of as an expense? Do i added the 70k as income?