Fully Gut Reno @ $60 sq/ft

[Alex Cwiakala]

My team and I closed on our first reno on March 22nd of this year. The house had a fire and I had gotten the lead by door knocking in the neighborhood. Yes they were living there even though the house was a wreck! We negotiated the short sale ourselves as agents and picked this gem up for $90,000. 

We wanted to be involved in every step, so we had a GC pull a permit and subbed out every contractor ourselves to learn the process. This was a full gut renovation, we couldn't really save anything in the home. Needless to say, it had it's ups and downs but we're scheduled to close at the end of September, 2016. We went to P&S with a full list price offer in 8 days, no inspection. Crazy right.

We should net a 30% ROI with about $75,000 in profit. It was a crazy first rehab win.