205 Hermit St is a project we wrapped and sold in early 2024. Our initial plan was to hold it as a MTR (medium term rental) but decided to flip instead in order to fund the purchase of our new primary residence. It took 9 months from front to back with was too much time, but the wait was worth it.

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

This was our first heavy project without a more knowledgeable GC as our partner. This one didn't require anything outside our wheelhouse, ie. structural. It was already rewired and had a special footprint/ layout and great location. We thought we could handle it so we jumped in.

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

It was listed on the MLS and was right down the road from us. As Realtors, we negotiated a great deal in a competitive situation on our own.

How did you finance this deal?

Hard money and I was able to acquire $90K in credit lines from 0% APR credit cards. Half way through thought, we were over budget and went back to our hard money lender to close out the cards and finish the project.

How did you add value to the deal?

We added a mini split system, new floors throughout, rebuilt the deck, added windows, repaired waste lines, roof, siding, stucco, cleaned up the basement and remodeled the kitchen and bathrooms. Jackie's design is what made the property special though. The carefully curated aesthetics are what I'm most proud of - and helped us bring a great return.

What was the outcome?

The flip was a big success despite going significantly over budget. Once you get started and see a projects potential, you don't want to skimp. There was room on the deal to make a few mistakes and we certainly did along the way!

Lessons learned? Challenges?

We finally found our go-to contractor after falling out with our original, who underbid the project, become flakey and eventually stopped showing up. Finding the right people to work with is 80% of the battle.

I had my hands on way too much as usual, and as always, the amount I saved in doing so was probably negligible when considering the opportunity it cost my in my job as a Realtor. I can't help it though. Some parts of the job you just want done a certain way so you do it yourself.

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

We worked with a great hard money lender who we plan to work with again. I'll be happy to share their contact, just drop me a line.