This house was purchased in our IRA's with a non-recourse loan. Our was built in 1979 but need a new kitchen and bathrooms. The master bath had a dysfunctional 36' shower so we removed a wall, flipped the vanity and took 18x42 inches from the walk-in closet to provide a much-improved master suite. House is gorgeous. Scheduled to close on April 19, 2019.
Property is .9 acres with a chain link fence around the entire property.

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

I have been doing fix and flips since 2005.

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

This was a wholesale deal from Greg Gallagher, Gallagher Real Estate Group (GREG).

How did you finance this deal?

Combination of my husband and my IRA with a non-recourse loan from Veristone. $108,000 Down and $162,000 financed. All repairs and interest payments from our IRA accounts.

How did you add value to the deal?

New Kitchen, baths, floors, paint, new light fixtures, new deck and residing on shed/barn.

What was the outcome?

An awesome upgraded house, removed the peninsula and cabinets hanging, making the kitchen feel small, opened up and added cabinets and quartz counter on the far wall.

Lessons learned? Challenges?

One of our challenges is always going over budget on both money and time. We also did not anticipate residing the shed, but after we replaced the deck, it needed to be upgraded. We also did not realize that half of the vinyl windows had failed and needed to be replaced. Also, there was no insulation or vapor barrier under the house - electric bill was $800 for December/January. That should improved with the wrapped ducts, insulation and vapor barrier.

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

Greg Gallagher, Gallagher Real Estate Group, (GREG) brought me the deal and I always list back with the agent who brings me a deal. If no agent, I work with Greg. He's professional and competent. Also, Travis at Veristone handled the financing. This was my first non-recourse loan. In the past, I have partnered with my IRA to rehab. This project was a little more expensive.