Strategy :Flip

Role :Sponsor

Location :Salem

Acquisition Year :2017

This project started out as a single condo rental (unit #1) that was purchased out of REO. At around the 6 month mark, the upstairs unit (unit #2) went into foreclosure. My thought process was that it would be great to control the whole building and make exterior improvements without needing to go through another party for approvals / assessments (#condolife). I knew the unit would need substantial work (the door had been busted in so I could clearly see the condition), but at the right price it was worth the headache.

At the time, this was the most extensive rehab project I had taken on. To date, most of my rentals had been nothing more than tiling, painting, and minor repairs. For this project, we:

• Added a brand new en-suite master bathroom
• Opened wall leading from dining room to upstairs
• Rehabbed 1.5 additional bathrooms, including the smallest full bathroom possible
• New kitchen counters / appliances (cabinets were in good shape so left as-is)
• Paint, trim, molding throughout