All Forum Posts by: Vince Iacobelli

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $114,000
Cash invested: $65,000
Sale price: $299,000

This property was a fix and flip with heavy value add. We have finished the basement to add a full bathroom and bedroom with property egress. This property was special and had 9ft ceilings in the basement. On the first floor we opened two walls to allow for a modern floorplan and added a double glass sliding door to access the back patio. Additionally we moved the entire kitchen to the other side of the property to open the floorplan even more and allow for a larger kitchen layout.

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

We found this deal with no pictures or information. Upon walking the property and finding the good condition of the basement with the tall ceilings we knew that lots of value could be added.

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

This deal was found on market from an investor selling part of his portfolio. There was no pictures or interior information for this property upon listing.

How did you finance this deal?

For this deal we used 100% private equity to fund the purchase + rehab costs.

How did you add value to the deal?

We finished the basement adding a full bedroom, and bathroom. In addition we significantly improved the condition and the floor-plan of the property with a full renovation.

What was the outcome?

This property was sold

Lessons learned? Challenges?

This property actually sat on market for quite a while. One thing that was learned is that below ground square footage is not the same as above ground square footage.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $114,000
Cash invested: $65,000
Sale price: $299,000

This property was a fix and flip with heavy value add. We have finished the basement to add a full bathroom and bedroom with property egress. This property was special and had 9ft ceilings in the basement. On the first floor we opened two walls to allow for a modern floorplan and added a double glass sliding door to access the back patio. Additionally we moved the entire kitchen to the other side of the property to open the floorplan even more and allow for a larger kitchen layout. From there we performed general cosmetic upgrades to the interior and exterior of the property.

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

We found this deal with no pictures or information. Upon walking the property and finding the good condition of the basement with the tall ceilings we knew that lots of value could be added.

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

This deal was found on market from an investor selling part of his portfolio. There was no pictures or interior information for this property upon listing.

How did you finance this deal?

For this deal we used 100% private equity to fund the purchase + rehab costs.

How did you add value to the deal?

We finished the basement adding a full bedroom, and bathroom. In addition we significantly improved the condition and the floor-plan of the property with a full renovation.

What was the outcome?

This property was sold

Lessons learned? Challenges?

This property actually sat on market for quite a while. One thing that was learned is that below ground square footage is not the same as above ground square footage.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $138,000
Cash invested: $30,000
Sale price: $224,900

This was a straightforward fix and flip. The house was is good cosmetic condition so we added high end finishes to the kitchen, bathrooms, and common areas.

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

This property was in great condition when we purchased it, and is in a good location with strong buying demand in this price range.

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

This deal was found off market from a local wholesaler. We competed with several other investor buyers to win this offer.

How did you finance this deal?

We used a hard money lender to fund the purchase + renovations and used a private equity lender to fund the down payment and startup funds for the rehab.

How did you add value to the deal?

We added value by renovating the condition of the property.

What was the outcome?

The property was sold at list price.

Lessons learned? Challenges?

You must take the time factor of money into consideration, this was a deal that was exceptionally quick and was renovated in only 8 weeks. While we did not hit a home run on profit it was an easy simple deal to perform.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $142,000
Cash invested: $65,000
Sale price: $289,900

Fix and Flip. Removed multiple walls, opened floorplan, re-designed kitchen, added half bath, first floor laundry and mud room. Full interior and exterior renovations.

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

This property had a 2-car detached garage, and relatively good interior condition when purchased.

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

This deal was found on market and was negotiated down in price from the listing price due to sewer line issues that we found during the inspection period.

How did you finance this deal?

We us Fund that Flip for purchase + rehab costs, and used a private equity lender to bring the down payment and funds needed to start renovations.

How did you add value to the deal?

We added value by performing a rather extensive rehab, modernizing the floorplan, and also adding a half bath and other amenities.

What was the outcome?

This property sold for about a $45,000 profit after sales and debt costs were deducted.

Class A neighborhoods and "highest rental cash flow" dont really go hand in hand in columbus Oh, and most likely many other markets in the country. Generally if you look for properties in locations with stronger macro statistics you will see that rents and price points tend to diverge from each other. Meaning your price points will be much higher than the rents for the areas. 

If you are looking for great areas to cashflow and very reasonable ARV's that allow for value add investment strategies, I can't reccomend whitehall enough. Additionally the south side of columbus (southern orchards, merion village, olde towne east, franklin park) all have great macro stats, and density due to its proximity to the urban core in columbus. That being said there are many other areas that can work for investing so long as the numbers work.

Zip Codes:

Whitehall: 43227-43213

SouthSide: 43206-43205-43203

Click here for a link to the market data report for whitehall.

If you want any further questions answered, or want to compare some areas you are looking at shoot me a message. I can pull some other reports for different areas and show you the difference in the stats.