Historic Matthew Byrnes Remodel

[Joshua Christensen]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $120,000
Cash invested: $150,000
Sale price: $385,000

This was an old historic home built in 1915 with multiple issues. It was condemned for demolition with the city. It had damaged foundation, bad additions that needed to be reconfigured, added plumbing for a new bathroom upstairs, complete rewiring, brand new HVAC system, New roof, all new windows, new stucco. We had to work with the historic committee to manage the project. It turned out beautiful and the new family is very happy with their new home.

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

We love renovating old distressed homes. This one presented some challenges of Historic homes that we'd never done before. It was a great project.

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

It was a foreclosure through an Auction site

How did you finance this deal?

Commercial Line of Credit & Cash

How did you add value to the deal?

Complete Renovation - From Condemnation to Renovation to Restoration to New Family

What was the outcome?

SOLD

Lessons learned? Challenges?

It took longer than anticipated. We hired the wrong Project Manager that ultimately cost us 3 additional months and went over budget by a considerable amount.

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

I am a real estate broker.