Fix in flip in Garfield Park

[James J Canull]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $55,000
Cash invested: $85,000
Sale price: $280,000

I feel like luck and timing played a roll in scooping up this Garfield Park home. There were three properties that the owner had and I made a pitch to buy all three. For whatever reason, they accepted my first low offer to scoop them all up. It was a bit of a drive to Garfield Park from Broad Ripple, but it was worth it in the end. This was one of my favorite before and after project pics where we opened up the ceiling to add a good looking stairwell to the upper square footage.

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

The no-brainer price I negotiated

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

This was one of the few times I noticed there was an upper level, but they didn't include the area in the MLS system. So I knew there would be almost double the square footage to work with. My guys were also able to remedy the basement wall that looked like it was going to cave in when I bought it for a discount

How did you finance this deal?

Hard money lender

How did you add value to the deal?

Finished the upper level and completely remodeled the home in and out.

Lessons learned? Challenges?

One challenge was quickly adding a full bath to the upper level when a buyer suggested it would help. The lesson was simply adding it before someone asks next time

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

I worked with myself on this deal from purchase to sale