Second flip project, 1094 Watson Ave Windsor ON

[David Larocque]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $98,000
Cash invested: $65,000
Sale price: $300,005

This home was repossess by the city of Windsor and has several work orders against it. It was condemned, buckled foundation, no toilets and rodents in the attic among the list.

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

Because of the serious issues with the current condition, it eliminated many buyers as it was too high risk for them. Flippers were also hesitant because this was a very large project not conducive to a quick turn around. Since we were planning on living in it for some time, we saw the potential of this distressed property in a very sought after neighborhood.

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

MLS, we simply made an offer and it was accepted. The seller needed to close prior to winter beginning as there was no heat in the house.

How did you finance this deal?

Being our primary residence, we put 5% down, and qualified for a mortgage plus improvements loan.

What was the outcome?

This home transformed from being the worst eye soar around the block to a record setting sale. It outsold the comps at the time by over 50k.

Lessons learned? Challenges?

Don’t be afraid of hard work, anything can be done if you are willing to put the work in and get dirty. Barriers to entry means less competition.

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

I worked through John D’Allimonte from Remax realty for this deal. He has many years experience in the area and him and his team are a great resource.