Private Estate with 16 car garage

[Vanessa Lauritsen]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $765,000
Sale price: $1,250,000

This gorgeous home needed major cosmetic updates. It originally resembled a church looking at the front door. It had pickled wood throughout and salmon marble and corieon countertops throughout. The functionality also needed changed for resale - it was originally only a 2 bedroom home with an office. We found ways to turn other spaces into bedrooms, finishing it with 5 bedrooms.

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

This one was intriguing and very scary at the same time! The size of it was intimidating, the ARV and knowing that our buyer pool would be much smaller than normal in this area, and the daunting task of the design.

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

An investor of mine brought this deal to me.

How did you finance this deal?

This was a cash financed deal.

How did you add value to the deal?

The design was the main value as well as adding the extra bedrooms and making the spaces more functional.

What was the outcome?

The home turned out absolutely beautiful. It took much longer than planned and we went over budget. It also took longer to sell than planned and took many price cuts over time.

Lessons learned? Challenges?

It is very difficult working on such a large project and staying on timeline/budget - also keep in mind percentage of buyers and holding cost with extra time on market.