1st Greenwich Fixer Upper

[Mike Parelli]

Investment Info:

Single-family residence buy & hold investment in Greenwich.

Purchase price: $425,000

My wife Dana and I purchased a fixer upper in Greenwich, CT. We lived in and renovated it for almost 3 years. We then refinanced and rented it out. It is currently cash flow positive. Check out our reno recap video here:

Our 1st Greenwich Fixer Upper

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

Was the cheapest single family home that year in Greenwich, CT.

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

I represented myself as an Associate Real Estate Broker.

How did you finance this deal?

Conventional financing with 5% down. Kept money on the side to put into the renovation.

How did you add value to the deal?

Completely renovated the home from the studs.

What was the outcome?

Refinanced home that is cash flowing and increased the value by roughly 75%.

Lessons learned? Challenges?

Pay extra for a general contractor. Time is your greatest asset and for me it was very difficult to stay on top of everyone while selling real estate.