My first single family rehab to get me acquainted with rehabbing

[Ariel German]

Investment Info:

Single-family residence fix & flip investment in Winsted.

Purchase price: $54,600

I found this property on Hubzu and decided that I wanted to buy it due to its location, price, and because I was itching to start.

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

It was in my price range and business partners seemed like the project would be easy.

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

This was an auction on Hubzu.

How did you finance this deal?

I used a hard money lender to purchase the home and private investor to fund the closing cost and initial rehab material cost.

Lessons learned? Challenges?

- Over estimate the cost of things.
- With an old home, gutting leads to having to do a lot of things that otherwise would have been grandfathered in.
- There needs to be a clear plan of what constructors will need to do
- After closing start right away