I had the pleasure of working with Jason and Melinda on securing the rehab funds for this fix and flip project located in the Arran Hills subdivision of Fayetteville, NC. Flipping houses has been something they both dreamed of for several years – and this was their very first fix and flip!
The Property
This cozy 3 bed 2 bath house is located on a nice wooded lot in the Arran Hills subdivision. Jason and Melinda had the funds to purchase the house, while we secured the rehab portion of the project though a hard money loan using the property as collateral. Lenders always want to see that the borrower has “skin in the game” in form of a cash down payment or additional collateral. Jason and Melinda had the cash to purchase the house, and then used it as collateral to secure the rehab funds – everything took place simultaneously at the closing table.
The Rehab
Prior to purchase, Jason completed a thorough inspection of the property to make sure there wouldn’t be any surprises during the rehab. Then, Jason handled the rehab work, while Melinda took on the interior design and coordinated the purchase of all the materials and supplies. Jason has over 20 years of experience in construction. He previously worked in this field for a small local business. Melinda on the other hand discovered she’s got a knack for interior design. Starting with this first project, they both made the leap of working for themselves, and so far it’s turning out great.
The Sale
From purchase to sale, this fix and flip was wrapped up within about 5 months, that included the time for buyer to qualify for bank financing.
This husband and wife team is off to a great start when it comes to flipping houses. We’re actually working with them on their second project already!
Property Rehab Pictures
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