Updated over 6 years ago on . Most recent reply
Pewaukee Lake Renovation
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $139,500
Cash invested: $90,000
Sale price: $305,000
This renovation was located in Pewaukee right across the street from Pewaukee lake.
What made you interested in investing in this type of deal?
This was a great deal and was located in a prime spot in Pewaukee. The numbers were stellar and we knew we could turn this eyesore into one of the best properties on the block!
How did you find this deal and how did you negotiate it?
We were able to obtain this property through a local wholesaler. The wholesaler worked directly with the seller and negotiated the price.
How did you finance this deal?
We used one of our private lenders for this deal.
How did you add value to the deal?
This was a complete remodel with basically new everything. From the exterior to the interior to the mechanicals we updated this home to bring tremendous value not only to the property but to the area, as well.
What was the outcome?
Awesome renovation and resale. Great profit!
Lessons learned? Challenges?
This was a major renovation. We were challenged with unexpected roadblocks along with rigid and strict inspectors. We also had a problematic GC in which we had to hire a new GC to cleanup other's mistakes at additional cost. All was saved though by our process/contracts and estimating a safety net prior to getting into this deal. We still walked away with a great profit. Because of our systems we were able to take what could have been a huge loss into a winning and very profitable scenario.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes. We used Summit LDS in Milwaukee for our title company which we highly recommend to any investor in the Milwaukee area.
Most Popular Reply
@Mitch Ferraro
Congrats on completing that big project! Sounds like a tough one so it’s always nice to get that behind you and pick up the paycheck. Here’s to the next one. Cheers!