1706 Covert Ave - Evansville, IN Rehab Project

[Marc Hoeppner]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $36,000
Cash invested: $18,000
Sale price: $88,000

Light remodel including flooring, paint, and complete kitchen.

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

I actually listed this home for sale as an agent a year before it came on the market as a repo. I knew the ins and outs of the property, including the fact that the square footage in the REO listing was off by over 200 square feet. I knew this was a value-add opportunity from day one.

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

Auction.com

How did you finance this deal?

HELOC on my personal home

How did you add value to the deal?

I found the deal, brought the cash, and managed the subcontractors.

What was the outcome?

This was a successful fix & flip with a gross profit of around $30,000

Lessons learned? Challenges?

Working with a new contractor, I learned that I need to provide complete clarity on my designs. I gave too much control up without having worked with this guy before, and several aspects of the construction work went off course, including the kitchen design and color pallette.

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

Not on this project