Lake Community Lebanon, CT

[Craig Hansen]

I am currently in contract with a "come take over our Flip" property.  Previous owners purchased the property at a tax auction, gutted the inside, replaced the roof, installed to sliders and bought vinyl siding.  All that in 3 months and now they are asking for 3x the amount that they paid for the home.  They paid $20k, wanted $65k, I worked them down to $47,500.  There is currently a $13,902 sewer lien on the property that is set up on semi-annual payments of $543.10 until 12/1/3032.  I can hold off on paying this lien after all the work is done.  

3/1/1080sqft

0.7 acres (which is 2-3 times more then other properties in the community)

I would go in and get the hook up to the sewer started, re-frame the rooms, vault the ceilings to give it a more spacious feel.  Install drywall, flooring, tile, HVAC system, R&R windows, R&R entry door, new bathroom, new kitchen, run electrical, insulate, paint, finish work.  

At this size home I look to have it on the market 30-45 days after purchase.

With a budget of $50k

The ARV is $175k