Nightmare Loris rehab

[Pete Schmidt]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $32,500
Cash invested: $32,500

Contributors:
Chris Rosenberg

Purchased a 1000 sqft home 2/1 on 2.5 acres. Adding a bathroom to it in the Complete gut remodel. Survey complete with property lines to divide the lot.
Option 1- will be to offer all 2.5 acres to purchaser of home for additional cost.
Option 2- If buyer does not want all 2.5 acres, subdivide property and sell .9 acre with this home and use rest of the land to put 2 more houses on it and sell those.

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

Good price and potential.

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

Wife found it. (Was a person she knew).

How did you finance this deal?

Paid cash for the property. Partnered up with investor who funded the rehab.

How did you add value to the deal?

Complete gut remodel. Added bathroom.

What was the outcome?

Sold the house with .8 acre for $137,000. Still have 2 parcels of land left to develop and sell.

Lessons learned? Challenges?

Was the project that everyone comes across at some point that takes way longer and goes over budget.
However to make out with a few grand in the pocket with 1.5 acres left over it could be a lot worse.

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

Yes.
Agent - Nancy Deagan.
Partner - Chris Rosenberg.