Investment Info:
Single-family residence fix & flip investment.
Purchase price: $825,000
Cash invested: $450,000
Sale price: $2,000,000
Our largest flip to date. We purchased this mid century home in rough shape and spent 8 months renovating. Mold remediation and water infiltration were our biggest obstacles. The new atrium glass was not in the original budget but really made the project pop. The running stream in the atrium was a bucket list item for us.
Here's a link to the drone fly through:
https://youtu.be/-KBnqiN_KHs?si=_xBBRViS8m4Z6viC
What made you interested in investing in this type of deal?
We are a small family operation but we love doing artful flips. The atrium stream and the mid century design opportunities called our name.
How did you find this deal and how did you negotiate it?
This was a wholesale deal that came to us via our realtor.
How did you finance this deal?
We used Kiavi to fund a large portion of the deal. Excellent company, though the funds were not cheap.
How did you add value to the deal?
We saved as much of the mid century material as possible. We saved the St. Charles cabinets and kept the floor plan largely intact. The woodwork was lovingly restored. We made the kitchen floor from scratch and added a new atrium and stream. Also refined a few of the rougher spaces.
What was the outcome?
Off market sale in the works with a closing date of April 25.
Lessons learned? Challenges?
This home was outside of our comfort zone in terms of cash outlay. Always make sure you have safety nets in place, especially at these high price points!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Kiavi Lending - excellent hard money resource.
Keri Middaugh - well connected realtor in the Ann Arbor area
