Rocky river Investment Home 01

[Jim Pinter]

Investment Info:

Single-family residence fix & flip investment in Rocky River.

Purchase price: $130,000

Cash invested: $75,000

Sale price: $263,500

Completely restored/renovated mid-century modern Ranch. New work includes all new plumbing, energy star rated windows, dimensional asphalt roof, LED lighting 2 renovated full bathrooms, chefs kitchen, gas fireplace, and 200 AMP electrical panel and new distribution wiring. Interior renovation completed using sustainable materials, smart technologies, and efficient equipment.

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

The home had very unique architectural features, was located in an amazing well established neighborhood as well as an award winning school district. The size and layout worked well for our brand and the numbers all made sense.

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

Ran this deal myself with allot of Luck and help along the way. Found the property pre-list as it was located next door to a property I was set to tour that day. Didnt like the house I toured but saw this empty gem across the street. put an offer on it that day. 

How did you finance this deal?

FHA 203k renovation

How did you add value to the deal?

My experience as an architect (at this time I was working full time for local firm) helped streamline the design process. In addition to that with the help of family members and limited subs I ran the construction phase myself.

What was the outcome?

The outcome was within the range expected. The time to sell was longer than anticipated but at over $200/ft we ran that risk. It was important to this deal and all our deals to be positioned in a manner that properly represents the brand. There is a value add for the design level and craftsmanship quality of each project. With good due diligence and excel calculators we were able to bring this to market with good numbers and provide a great new home for someone.

Lessons learned? Challenges?

Tons and tons of lessons and challenges, too many to list here. But what I can say is this first project changed me and introduced me to the wonderful world of RE investment.

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

I did work with an agent and a bank, both of which were great!