#Rosewoodbeautyproject A spanish Revival in the Wood Streets

[Michael Nugent]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $288,000
Cash invested: $370,000

This beautiful Spanish Revival home in the Wood streets is listed for sale and it is FHA approved. 3 bedrooms, 2 bathrooms, 1.5 car garage, 1,345 sq. ft. of living space and a 6,800 sq. ft. lot. Just beautiful with the old time charm and all new systems.

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

I loved the Spanish Revival style and the neighborhood I adore.

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

I found this deal through a whole-seller. I negotiated it to $288,000 from $305,000

How did you finance this deal?

All cash deal. I used one of my investor money to buy and pay pay closing costs. Then borrowed another $50,000 at 7% over 4 months and used about $35,000 of my own money to cover the rest of the rehab cost.

How did you add value to the deal?

As you can see from the pictures, we preserve the Spanish revival charm and added the espresso and cream colors to emphasize it. We went with a dark brown/bluish/grayish kitchen cabinets and espresso laminate throughout and 6 inch based board which we painted espresso as well to just add the Spanish flare to it.

What was the outcome?

We are currently entertaining offers at $480K+

Lessons learned? Challenges?

Over budget - over budget - over budget mostly on this oldies.

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

Nope