1900 Farmhouse Rehab

[Rick Bassett]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $215,000
Sale price: $339,000

This 1900 distressed Farmhouse was well-used but not abused. The family which we purchased it from had lived there for about 50 years. They allowed us to start rehab about 30 days before the closing, so it was 90% done by the closing. Some interesting and scary things happened in that 30-day window, including a sizeable pipe burst...well it makes for an interesting story.. perhaps on a podcast. A few before and after photos

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

We were going to do it as a buy & hold but decided to flip it while the market was still hot (but dropping)

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

This off-market lead came to us from one of our previous mid-term furnished rental tenants

How did you finance this deal?

Cash

How did you add value to the deal?

Removed all the wallpaper, painted the entire house, redid all of the floors, cleaned up the DIY attic conversion, installed ceiling fans in all rooms, slightly reconfigured the kitchen

What was the outcome?

The house came out great

Lessons learned? Challenges?

Working before closing without property insurance is risky (stupid); we had a major pipe break caused by one of our contractors that cost us thousands

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

I was the selling agent on this one