All Forum Posts by: Jim Pinter

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $255,000
Cash invested: $20,000
Sale price: $350,000

Beautiful country estate located in Granville, OH sitting on 5 acres. With a full walkout basement and views you can only get in Ohio this home was one of our favorites. Siting on a large hill the home overlooked miles of rural Ohio farm land but was just a 10 minute drive to all the amenities a person could want in nearby Newark, OH. Ten minutes the other direction and your in the quaint small town of Granville, OH home to Denison University. The home had great bones and only needed a few updates, including new carpet, paint, bathrooms, refreshed basement, and 3 seasons room.

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

I fell in love with the area and at the time held a position in downtown Columbus Oh. I wasn't interested in the out lying areas and wanted some land. This property fit the bill for my needs and had huge upside potential, which was critical at the time. I wasn't sure the position in the City was right for me so I had to be able to stay nimble and still turn a profit.

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

The home had initially been listed at a much higher price but showed very weak. I was able to wait for days on market to extend and offer at a number that took advantage of the owners missteps.

How did you finance this deal?

This was a standard mortgage deal.

How did you add value to the deal?

Through my own sweat equity and design services. This was also the first deal I was able to find a quality staging company.

What was the outcome?

Great! Lived there a year and loved it. When I made the decision to sell and start my own company the house preformed just as planned.

Lessons learned? Challenges?

Country homes are challenging! Comps are hard to find and appraisals go south more often than not. Utilities are hard to deal with and well and septic add layers to the sale.

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

Yes worked with local agent but completed most of the marketing through professional staging and photography which I funded.

We are here look for us at the round table near door 

Eric,

Stop by this Tuesday at Savor the Moment in West Park. 

David,

Id love to connect do you have any time next week? 

Investment Info:

Single-family residence fix & flip investment in Rocky River.

Sale price: $2,490,000

A lakefront lot with incredible terraced walkway to private dock with 2 boat lifts and beach! Exquisitely finished with every luxury and detail including state of the art systems, custom flooring and cabinetry and walls of movable windows! Designed for entertaining including an open floor plan highlighted by the great room overlooking the infinity pool, hot tub and outdoor kitchen! A lower level with movie theatre, and entertainment area with bar and more!

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

This was a very interesting deal and was my first lake front home renovation in the sought after Rocky River Lake Rd area. It was completed while at a local architectural firm but required all the normal tools for a deal of this size. Once I started work on this project I knew I wanted to further explore the development side of things.

What was the outcome?

Beautiful project with a truly amazing client. This was a once in a lifetime project and I was so lucky to be a part of it.

Lessons learned? Challenges?

With a project of this scope I think we all learned and grew throughout the entire project. We had so many different players to work with from the City building commissioner to the ODNR to the noisy neighbors we saw it all on this one.

Investment Info:

Single-family residence fix & flip investment in Rocky River.

Sale price: $2,490,000

You won't think you are in Cleveland. Absolutely breathtaking state of the art home sited on the most magnificent lakefront lot with incredible terraced walkway to private dock with 2 boat lifts and beach! Exquisitely finished with every imaginable luxury and detail including state of the art systems, custom flooring and cabinetry and walls of movable windows! Designed for entertaining including a spectacular open floor plan highlighted by the most spectacular great room overlooking the infinity pool, hot tub and outdoor kitchen! A lower level 2nd to none with movie theatre, glass walls open to car collectors dream garage, entertainment area with bar and more! 2nd floor bedroom suites with state of the art bathrooms, the most spectacular master suite w/unobstructed views and more! Quite simply, the house is extraordinary!

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

This was a very interesting deal and was my first a lake front home renovation in the sought after Rocky River Lake Rd area. It was completed while at a local architectural firm but required all the normal tools for a deal of this size. This was the real start to me fascination with real estate and development.

What was the outcome?

Beautiful project with a truly amazing client. This was a once in a lifetime project and I was so lucky to be a part of it.

Lessons learned? Challenges?

With a project of this scope I think we all learned and grew throughout the entire project. We had so many different players to work with from the City building commissioner to the ODNR to the noisy neighbors we saw it all on this one.

Investment Info:

Single-family residence fix & flip investment in Rocky River.

Purchase price: $130,000

Cash invested: $75,000

Sale price: $263,500

Completely restored/renovated mid-century modern Ranch. New work includes all new plumbing, energy star rated windows, dimensional asphalt roof, LED lighting 2 renovated full bathrooms, chefs kitchen, gas fireplace, and 200 AMP electrical panel and new distribution wiring. Interior renovation completed using sustainable materials, smart technologies, and efficient equipment.

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

The home had very unique architectural features, was located in an amazing well established neighborhood as well as an award winning school district. The size and layout worked well for our brand and the numbers all made sense.

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

Ran this deal myself with allot of Luck and help along the way. Found the property pre-list as it was located next door to a property I was set to tour that day. Didnt like the house I toured but saw this empty gem across the street. put an offer on it that day. 

How did you finance this deal?

FHA 203k renovation

How did you add value to the deal?

My experience as an architect (at this time I was working full time for local firm) helped streamline the design process. In addition to that with the help of family members and limited subs I ran the construction phase myself.

What was the outcome?

The outcome was within the range expected. The time to sell was longer than anticipated but at over $200/ft we ran that risk. It was important to this deal and all our deals to be positioned in a manner that properly represents the brand. There is a value add for the design level and craftsmanship quality of each project. With good due diligence and excel calculators we were able to bring this to market with good numbers and provide a great new home for someone.

Lessons learned? Challenges?

Tons and tons of lessons and challenges, too many to list here. But what I can say is this first project changed me and introduced me to the wonderful world of RE investment.

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

I did work with an agent and a bank, both of which were great!

What's the worst that can happen, we have a good cup of Joe and meet new people, right? I'm very new to this website and have never hosted any type of event before. But as 2019 approaches and on the heels of a great life changing 2018 I'm excited to jump head first into the new year. What better way than to bring together the extremely creative and talented RE professionals we have right here in the West Park area. The goal is simple, build each others circle of influence and learn from each other. I have no pitch and would like this group to leave that at the door. I'm creating this event because I believe in the area and all the great people working to continually improve this amazing neighborhood through real estate. Come tell stores, talk goal planning, have a good cup of coffee, and enjoy each others company!