Two Caliber Agents partnered up to flip this incredible Kenmore Condo; selling it faster and for more than a neighboring comp with a better view!
- Purchase Price:
The Backstory – Who’s project, and how they found it.
Who’s project was this?
Michael Piccolo, was one of our agents who came to Caliber Real Estate because he was very drawn to the investment minded culture at Caliber and wanted to get involved in real estate investing for himself. After wrapping up on his own home renovations, he was excited to take on more projects and started looking for his next opportunity. That’s when Michael found an opportunity at a Kenmore Condo. Michael had a hard time getting approved for the loan it required so he needed some help with the financing. Michael decided to bring it to his colleague at Caliber, Kenny Patton, to help with financing & bring in years of experience in flipping homes.
How did they find this property?
Since his own home renovation project was wrapping up, Michael felt like he was ready to take on his first flip project in over a decade. So, he asked a friend if he knew of any potential opportunities and then they foud an amazing opportunity in a Kenmore Condo right on the water. Michael checked out the property on the MLS, did his due diligence, and knew it was an exciting opportunity with a lot of potential.
He partnered with Kenny to secure financing and was able to get the Purchase Price down from $486k, to $425k!
What did they like about the property?
This condo was on the water with two balconies and incredible views, right next to a beautiful park, very spacious vaulted ceilings, and the other comps in the area were going for higher. Michael knew that all these factors would play a huge role in driving up the value, especially with some smart renovation decisions.
What Were The Biggest Challenges?
While the property had amazing features, it needed quite a bit of work to reach its true potential. Every piece of glass was in bad shape and needed to be replaced, the wall paper & cabinets were dated and worn out, and radiant heating in the ceiling needed to be ripped out. There was also an HOA on this property, which made things exceptionally difficult making renovations and staying within the bounds of the HOA.
The radiant heating in the ceiling was a big surprise; Michael had never seen anything like it and had to learn about it in order to understand what the best option would be. Luckily most of the radiant heating system didn’t work, so they pulled it out and installed a new system.
Michael & Kenny were very proud with how the look and feel of the condo all come together to make a truly incredible product. Installing acrylic cabinets, a floating vanity in the bathroom, higher-end appliances, elevating the fire places, and “pimping out” the master bath really breathed a fresh breath of life into to the condo. All of their decisions enabled them to the condo faster and for more than the larger neighboring comp with a better view!
Michael came to Caliber Real Estate to be around like-minded colleagues and to become a real estate investor. Michael has been able to hone his investor skills by utilizing the seminars and trainings that Caliber holds; learning to spot an opportunity, how to evaluate it properly, and then execute an action plan.
Caliber’s Field Trip Fridays was something that really helped Michael get exposure and insights into an active flip project. Seeing all the stages of a flip project and the small touches that capture emotions played a huge role in the decision making on his Kenmore Project.
Michael is ready to keep the ball rolling and use all the knowledge he’s learned from this flip on his next one!
Way to go Michael, can’t wait to see you next project!