Norris Square Setback Addition

[Dan Powers]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $135,000
Cash invested: $150,000
Sale price: $400,000

This was a 2 story shell located in Norris Square that came with stamped and approved plans for a 3rd story setback addition plus a roof deck. While this was an extensive project the return makes this project an absolute steal and it sold in less than an hr. With new builds in every surrounding block with ARV's of 400k+, it is impossible to not make money on this deal.

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

My investor was interested in this deal because of the area, Norris Square is a very underrated but extremely hot area in the city for development with new construction and rehabs everywhere.

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

This deal was an off-market investor-owned property. It was sold first come first serve.

How did you finance this deal?

My buyers financed this deal with hard money

How did you add value to the deal?

The value being added is by adding a 3rd story addition and a roof deck on top of the complete rehab to the interior.

What was the outcome?

The outcome will be a beautiful 3 story house.

Lessons learned? Challenges?

The only challenges encountered in this transaction came from the lender, but all was sorted out in time for closing, thankfully.

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

Dan Powers - New Western Acquisitions