Short Sale - Minneapolis Rehab

[Joshua Ketter]

Investment Info:

Single-family residence fix & flip investment in Minneapolis.

Purchase price: $337,000
Cash invested: $457,000
Sale price: $589,000

A 4,200 sq ft house in Minnetonka, was the eye sore on the block. Nobody wanted it.
So we bought it, redid everything from floors to siding, fixtures, master bath, kitchen, paint in and out. No surface was left untouched.

Also made it a smart house. Showed well and received top dollar.

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

I looked for the highest sq ft house in the nicest neighborhood with the lowest sq ft price. Naturally it will always be a fixer-upper, REO, or Short Sale. But I was interested in making something look beautiful.

This was a great project and got me hooked on real-estate.

How did you finance this deal?

Purchased with Cash

Lessons learned? Challenges?

Bid bid bid. Get as many bids as you can and then go. Things always run over, so I'm glad we had the room to make mistakes. I'd be nervous buying a home this big and not having enough padding against the ARV.

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

Worked with a short sale specialist who was an investor himself -- he was a God send. Gave great advice and connected me with an inspector who had an eye for flipping and was able to connect me with low cost / high quality subs.

[Adrian Chu]

Highest sq ft also means highest construction cost as well :)

But great work. How long did the project take?