Rat and Flea Infested Fix and Flip to Full Rehab!

[Daniel Stevens]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $80,000
Cash invested: $80,000
Sale price: $245,000

Bought this house through someone going through probate process. Come to find out even though parents been deceased for over 15 years, probate was recently done to get into the executer name. She was ready to move to the country and we helped not only with buying this home from her but removed almost everything in the house including cars, lawn mowers, etc.
We completed the rehab in almost 3 months which included framing, siding, and just in general, full remodel. It was flea and rat infested and now it's practically a new house and beautiful again.
We also raised the bar for this neighborhood and the highest selling house in it for 2020. Average was 180K and now 245K

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

Numbers, numbers, numbers

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

Probated courts and explained the amount of work that needed to be done. Asked if she had it and walla.

How did you finance this deal?

Hard money but to bad at the time I didn't have the cash. Would've made an additional 15K

How did you add value to the deal?

Full blown rehab

What was the outcome?

Almost 50K in profits

Lessons learned? Challenges?

Dock every contractor for discussing a time frame that couldn't perform on time. I didn't pull permits which later got red tagged. Just so happens that there were 2 fires in the same neighborhood and that's how I got busted.

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

Blink Lending Hard money lender (Paul Lamnatos) Tell him Daniel Stevens sent you