Wauwatosa Mid-Century Ranch

[Mitch Ferraro]

Investment Info:

Single-family residence fix & flip investment in Wauwatosa.

Purchase price: $168,000
Cash invested: $52,600
Sale price: $315,000

Contributors:
Adam Slipher

Nice, mid-century ranch. Our Director of Acquisitions found this home as a FSBO and worked with the seller on pricing negotiations. Once under contract we put together our SOW to begin bidding out the work through our GCs. Once all our bids were back we awarded the project and put together our final SOW, payment scheduled, contractors agreement, finish schedule, and all proper docs that we needed from our GC. We worked with a great GC on this project and they did an excellent job of keeping things on time and within budget. This was a pretty smooth renovation and not too many hiccups during the project. Once completed, we put on the market and had multiple offers within a day. Property went for over asking, which is always a good win! :)

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

Location, Location, Location

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

Our Director of Acquisitions found this deal as a FSBO and worked directly with the seller on negotiations.

How did you finance this deal?

Private money

How did you add value to the deal?

Renovated the entire home. Updated kitchen, bathrooms, new flooring, new paint, new appliances, new living space in basement, updated lighting fixtures, new landscaping, plus more.

What was the outcome?

Great renovation project that went for over asking on the first day hitting the market.

Lessons learned? Challenges?

This was actually a very smooth rehab for the most part. We had a very good GC and he stayed on time, within budget, and produced great quality. There was even a point in the project where the wrong grout color was put on the backsplash which the GC caught after it was done. He knew it was the wrong color and had all the grout ripped out and replaced, no charge. Hard to find GCs like this and very glad to have him on our team.

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

Yes, our listing agent and Director of Acquisitions. Also, our GC was absolutely amazing on this one. We also use the same title company for almost all of our transactions.