Fix & Flip Deal: Forced Appreciation in Bakersfield, California
Forced Appreciation in Bakersfield, California
NEED: Rehab Lending
Wife and I are looking to Flip in the Eastside Country Club area of Bakersfield and need a money partner to complete the Reno Costs. We have negotiated with the property owner to purchase the property for $230k and have lined up hard money for the purchase. House is smallest in the neighborhood (1,645 sq/ft) with a double the average lot size (23,000 sq/ft) allowing for appreciation through addition of living space. We have talked to Contractor and bid is $60,000 for the addition of a 2-car Garage, indoor laundry, expansion of Master Bed/Bath, expansion 2nd bath and expansion of Kitchen. Addition of sq/ft totaling to about 600 sq/ft, moving the property to comparables of $350,000.
Missing Links:
-Rehab Costs: $65,000
-Down Payment: $46,000 (20% of $230,000 Hard Money Loan)
Key Attributes:
-Trusted General Contractor: Contractor is family member with over 20+ years experience in Construction both Residential and Commercial.
-Professional Interior Design: Candy G. (wife) experience as a professional designer for Interior design and Home Staging.
-Familiarized with Local Market
-Hard Money Loan: $230,000 (minus down payment of $46,000)
-Seller's Real Estate Agent: Established relationship with Real Estate Agent with 3+ years experience.
If you are interested in this opportunity, please DM on BP or give us a call at 213-361-1508!
Thank you for your time and we look forward to being in touch soon!