Moldy stilt house to triple ARV in Clearwater Beach

[Kelly Ellis]

Investment Info:

Single-family residence buy & hold investment in Bass Lake.

I am not sure the numbers on this deal because we did the remodel for a group of investors. They had us rehab the stilt clearwater beach home which had mold and rot beyond belief. They paid us about 100K for the remodel. I have attached some photos of the work we did.

Between the ARV and the increase in the market the property has tripled in value. They still currently rent it out.

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

As I said we were hired to do the construction on the home

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

They called us and we had multiple meetings at the site and gave a quote.

How did you finance this deal?

We were paid about 100K for the remodel work we did

How did you add value to the deal?

Our skills and knowledge in construction helped keep their costs down so they could get it onto the market.

What was the outcome?

Home is worth triple what they paid for it even after the repair costs. As the contractors we learned a great deal about adding value.

Lessons learned? Challenges?

We learned that we need to be doing this type of work for ourselves and not just other people!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a real estate professional :)