Granville Swiss Modern

[Jim Pinter]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $255,000
Cash invested: $20,000
Sale price: $350,000

Beautiful country estate located in Granville, OH sitting on 5 acres. With a full walkout basement and views you can only get in Ohio this home was one of our favorites. Siting on a large hill the home overlooked miles of rural Ohio farm land but was just a 10 minute drive to all the amenities a person could want in nearby Newark, OH. Ten minutes the other direction and your in the quaint small town of Granville, OH home to Denison University. The home had great bones and only needed a few updates, including new carpet, paint, bathrooms, refreshed basement, and 3 seasons room.

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

I fell in love with the area and at the time held a position in downtown Columbus Oh. I wasn't interested in the out lying areas and wanted some land. This property fit the bill for my needs and had huge upside potential, which was critical at the time. I wasn't sure the position in the City was right for me so I had to be able to stay nimble and still turn a profit.

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

The home had initially been listed at a much higher price but showed very weak. I was able to wait for days on market to extend and offer at a number that took advantage of the owners missteps.

How did you finance this deal?

This was a standard mortgage deal.

How did you add value to the deal?

Through my own sweat equity and design services. This was also the first deal I was able to find a quality staging company.

What was the outcome?

Great! Lived there a year and loved it. When I made the decision to sell and start my own company the house preformed just as planned.

Lessons learned? Challenges?

Country homes are challenging! Comps are hard to find and appraisals go south more often than not. Utilities are hard to deal with and well and septic add layers to the sale.

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

Yes worked with local agent but completed most of the marketing through professional staging and photography which I funded.