1885 Victorian home back to it's original SFR charm.

[Tom Inman]

Investment Info:

Single-family residence fix & flip investment in Norwalk.

Purchase price: $400,000
Cash invested: $317,000
Sale price: $825,000

Gutted 1885 Build Victorian Home. Kept original charm but modernized the property with all new HVAC, converted from duplex back to SFR, all new windows, hardwood floors throughout, all new kitchen, 4 full baths, 5 bedrooms, beautifully landscaped and painted.

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

Comps suggested it could be sold for much more and I was learning to fix and flip. Arguably it was a very large undertaking for a first project.

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

Bank owned through my real estate agent.

How did you finance this deal?

Hard money with Dominion Financial Group.

How did you add value to the deal?

Completed and total rehab / rebuild.

What was the outcome?

Contractor issues, cost overruns some quite unforeseen, some overlooked. Unattractive financial returns.

Lessons learned? Challenges?

Bite off much smaller rehabs.

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

Agent, hard money, experienced real estate attorney, CT state licensed GC.