Historic Neighborhood Project

[Pablo Pereyra]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $157,000
Sale price: $303,000

My first mid-town full renovation project. Unfortunately, the project took much longer than expected as we had to put this flip on the back burner for most of 2020 due to Covid-19. I experimented by placing a new parking lot in the back yard that included a new sliding metallic remote controlled gate due to the very limited amount of parking in historically preserved neighborhood.

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

I was going to provide the rehab funds for investor to due this deal, but he backed out at the last minute! Since the numbers were good enough to lend on, I decided to step in and honor the contract the investor was about to back out from.

How did you add value to the deal?

We finished a half bathroom in the basement, and added a full parking lot in the back, which with a privacy fence, gave the property the magnetic

What was the outcome?

We had to deal with COVID most of 2020 so this deal took A LOT longer than planned, but overall happy everyone involved made money and came out better than when we started it.

Lessons learned? Challenges?

Roof was a challenge. House was 100+ year old. We had to put all new decking in the home, and overall we started over

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

Absolutely. This was a dream team of real estate professionals to make this happen.