All Forum Posts by: Thomas Levi

Investment Info:

Single-family residence fix & flip investment in Spring City.

Purchase price: $70,000
Cash invested: $25,000

3 bedroom 2 bath 1700 sq ft. split level home on 1 acre,1 mile from the Marina and Lake. Rehab included new roof, gutters, exterior doors and paint. Interior received paint, trim, new hand-scraped engineered flooring, rebuilt stairs, custom tile work in bathrooms, updated cabinets with stainless appliances and all new electrical and plumbing fixtures. House features front and rear decks in a quite neighborhood.

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

This was an inherited property. The daughters could not afford the upkeep or the cost of repairs. I took on this project as a way to alleviate their stress and bring their parents home back to life.

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

Word of mouth. It took me 4 months to negotiate the price to a place where it made sense to rehab. I literally touched base with the owners every week to see how I could help and to show them that I was serious about the project.

How did you finance this deal?

Private Lender

How did you add value to the deal?

Aside from the upgrades to the home, the previous owners walked away with a feeling that their parents would have been proud of the rehab. The value was added to the daughters as they honored their mom and dad by putting their house in the hands of someone who kept them involved in the project and saw it through to a grand finale.

What was the outcome?

Great rehab. New connections and friends made. Currently listed for sale.

Lessons learned? Challenges?

Real estate is about more than money. People's lives and memories are attached to houses and to be given the opportunity to honor that is an amazing gift.

@Thomas Levi update on 14th Ave. Sold for $140,000 in May. Nice first rehab profit.

@Ehsan Rishat We listed the property this morning and received a full price offer within 2 hours of going live. If only they were all that fast.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $56,000
Cash invested: $20,000

3/2 1488 sq ft. on a 1 acre lot

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

I love the rehab game. I get a rush out of taking something that is awful and making it shine.

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

Realtor emailed me a foreclosure listing

How did you finance this deal?

Private money loan

How did you add value to the deal?

The value here is adding a livable residence back to a wonderful commnuity.

What was the outcome?

Currently listing for sale on MLS

Lessons learned? Challenges?

Don't trust tax records. It was listed as having public water but in reality all it had was a well. Had to spend out big bucks for the water tap and lines.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $47,500
Cash invested: $60,000

This house was a probate buy. It was vacant for 6 months and was taken all the way down to the studs and completely renovated. The parents had passed and left this house to their adult children who could not agree on what should be done. The house is 1950 square feet. 3 bedroom 2.5 bath and sits on 3/4 acre lot.

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

My first rehab. This house was the ugliest shade of blue that I had ever seen. After walking through the house I couldn't resist the urge to bring it back alive.

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

I found the deal on the MLS and negotiated the price from $70,000 to $47,500 based off of the amount of work needed and the families need to move on emotionally.

How did you finance this deal?

Private lender

How did you add value to the deal?

I got to know the family that grew up there and here their stories about their Mom and Dad in this house. We kept the family updated as we rehabbed and had mini tours during the rough in. This house added value to the neighborhood as it took an eyesore and turned it into a jewel of a property.

What was the outcome?

The house is currently listed on the MLS and has active viewings.

Lessons learned? Challenges?

First rehab so the lessons were endless. My big learning was the project management for the various systems and keeping all the moving parts on budget. Challenges were present. We had this staircase that went to the lower level that was no where near code and actually butted into the wall. You had to step over the side skirt to enter the room. So reworking the stairs was a bit of a challenge but one that caused us to turn out an amazing solution.

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

I worked with an Agent from Coldwell Banker who has been absolutely amazing. I would recommend their services to anyone looking for a good group of realtors.