My first Rehab 523 14th ave

[Thomas Levi]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $47,500
Cash invested: $60,000

This house was a probate buy. It was vacant for 6 months and was taken all the way down to the studs and completely renovated. The parents had passed and left this house to their adult children who could not agree on what should be done. The house is 1950 square feet. 3 bedroom 2.5 bath and sits on 3/4 acre lot.

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

My first rehab. This house was the ugliest shade of blue that I had ever seen. After walking through the house I couldn't resist the urge to bring it back alive.

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

I found the deal on the MLS and negotiated the price from $70,000 to $47,500 based off of the amount of work needed and the families need to move on emotionally.

How did you finance this deal?

Private lender

How did you add value to the deal?

I got to know the family that grew up there and here their stories about their Mom and Dad in this house. We kept the family updated as we rehabbed and had mini tours during the rough in. This house added value to the neighborhood as it took an eyesore and turned it into a jewel of a property.

What was the outcome?

The house is currently listed on the MLS and has active viewings.

Lessons learned? Challenges?

First rehab so the lessons were endless. My big learning was the project management for the various systems and keeping all the moving parts on budget. Challenges were present. We had this staircase that went to the lower level that was no where near code and actually butted into the wall. You had to step over the side skirt to enter the room. So reworking the stairs was a bit of a challenge but one that caused us to turn out an amazing solution.

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

I worked with an Agent from Coldwell Banker who has been absolutely amazing. I would recommend their services to anyone looking for a good group of realtors.