$7M profit on a Laguna Beach property, Equitable partner Op!

[Serena Ocenas]

The comps in the area are very irregular because of location of where and how the houses are positioned in the area but range from $2400-3600 per square foot. This property is located right at the beach, near no highway and in a gated community. This property is 10,100 sf. 

It's a distressed situation where the couple are getting a divorce and wanting to close before the end of the year. The asking price is $16.5M.

The estimated repair is between $1-1.5M and ARV at, conservatively, $24M.

We need an equitable partner to work on the project with us and are looking to fly out there a week from today and take a look at the property and look at the activity to make sure we feel confident about going forward.

Please take a look at the flyer and please let me know if you have any further questions.