Sandel Torres

Invest in Family,LLC in Tampa, FL

Sandel Torres with Minchi Torres

Our wholesaler had an offer located in St. Petersburg Florida, my wife and I purchased the property right on the spot we close the deal at a Dairy Queen. I quickly used my repair estimator and came up with a repair estimate of $23,500.rnWe paid $107,000 and had an ARV of around $180,000 (I did my own comps and I came up with a conservative ARV of $225,000) it was a four bedroom one bath house 1,620 sq. ft. The yard was nice and the home was close to a nearby elementary school at the end of a cul-de-sac. rnWe needed to add a bathroom, remodel the kitchen, both bathrooms, change all the flooring, a driveway and pressure wash the house. The roof was in good condition, we added a wooden fence and changed out the AC unit only. The lender I used was Sherman Briggs they lent me 85% of the purchase price and 100% of the construction cost and charged me 12% and 2points. rnShortly after purchasing the property we had a hurricane and I was unable to find contractors for electrical and plumbing which caused a delay. I ran into major problems adding the second bathroom and I had to move the electrical panel. There was no plumbing going back there so they had to dig a huge hole from the front of the house to the back of the house. rnWe under budget $18,900 because we didn’t calculate adding a new bathroom, plumbing, and electrical work. *Note the contractor recommended not to add the additional master bath because it would be too costly. My wife and I felt strongly in order for the house to be marketable, it needed an additional bathroom. I ordered two appraisals, the first appraisal came in at $210,000 rn I thought it was low so I ordered a second appraisal which came in at $270,000. After talking to my realtor we decide on selling price of $235,000 and after about a month we lowered to $229,000 and sold it.rn