Colonial Gem of Yesteryear Given New Life!

[Philip Scharper]

Investment Info:

Single-family residence fix & flip investment in Stamford.

Purchase price: $27,500
Cash invested: $45,000

Agent Listed at $107,900.

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

Originally, we wanted to buy fix and hold for a second home. Market heated up so much we saw better opportunity for new exit strategy.

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

Found on Zillow. Contacted local listing agent. Bought all cash negotiating with seller through the agent for 40% reduction in price.

How did you finance this deal?

Out of pocket, all cash for purchase. 12 Multiple draws (monthly) for rehab contractor

How did you add value to the deal?

Saved a beautiful gem from yesteryear in this once famous NYC summer getaway town. Stamford is dubbed the "Queen of the Catskills" based on this history and this was one of those premiere cottage properties attached to historic lodge across the street. The hardwook floors we brought back to life, new roof, new deck and gut rehab make us proud to have "swung our own hammers" on this one.

What was the outcome?

We are proud of the results described above.

Lessons learned? Challenges?

"As investors DIY is not the way we will proceed. We met a wonderful plubmer and electrician we are training as a GC, who is working on the next rehab with us!

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

Recommend VNV plumbing and electric. SDS Roofing in the Catskills area.