834 Maplewood Fix & Flip

[Michael Mortensen]

Investment Info:

Single-family residence fix & flip investment in Sheffield Lake.

Purchase price: $66,000

Cash invested: $58,000

Sale price: $175,000

Worst house on the street!  Split level with water damage, leaking foundation, sunk slab, triple layer roof that turned into the a record price in the neighborhood.

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

Comfortable with work needed.

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

Mls, recent price drop after being overpriced by 20k

How did you finance this deal?

Cash

How did you add value to the deal?

Our design, High end touches, converted from a 3 bed to a 4 bed by shrinking the laundry room.

What was the outcome?

Under contract in 1 day

Lessons learned? Challenges?

Spent 10k more then budget due to having to replace whole driveway and not only the damaged parts, spent to waterproof the lower level and could have found a lessor contractor but i went with a guy who i was comfortable with.

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

Christina Carpadis is my agent and she facilitated all marketing and staged photos. 2nd house we have worked together on and both have gone smoothly and closed at top dollar!