Westside Evansville Whole House Rehab

[Marc Hoeppner]

Investment Info:

Single-family residence fix & flip investment in Evansville.

Purchase price: $10,000
Cash invested: $67,000
Sale price: $160,000

Complete gut to the studs, rebuilt all flooring structure and most interior walls, all new EVERYTHING!!

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

A client brought me the deal thinking the house needed torn down. Knowing it was in a great neighborhood and there was incredible upside, I was willing to take on the risk that the house may not be salvageable.

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

A client brought the deal to me. He thought he should PAY ME to take it from him, lol. I saw the upside and offered him $10,000 to take it off his hands.

How did you finance this deal?

Cash purchase from a self-directed IRA

How did you add value to the deal?

I brought the cash and the project management. I also handled the sale as the listing agent.

What was the outcome?

Final product was a fully-renovated home ready for a first-time buyer in a great neighborhood! The net profit was nearly $67,000 split 50/50 between me and my business partner.

Lessons learned? Challenges?

Always be the squeaky wheel when it comes to your contractors. Everyone is busy right now, but you HAVE to stay on top of the schedule if you want to finish a project on time.

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

None this time.