SFH Deal in Southern, CA

[Kevin Yoo]

14 Ponte Russo, Lake Elsinore, CA

Purchase Price $195K
Rehab $10-15K
Closing Cost $20K
ARV $240 - $270K
Potential Profit $10 - 60K
Rental Income $2,000/month

Property under contract. Have done due diligence with property inspection and property in excellent condition in good neighborhood. Time to sell in current market - 2 months. Hard money loan committment obtained.

Exit Strategies
1. Fix and Flip if higher price and better profit.
2. Rent and Hold if lower price and lower profit.

Looking for comments on the merits of the deal and JV partners interested in Southern, CA market.

[AJ L.]

If those comps you posted dont have pools, bigger lots, special views, etc, then I think your ARV will be higer based on the $/SQFT of your comps. Granted, the finished condition of your property will be the same as the comps.

I also like to check what the active and pending sales(flips) are going for in the area. (fresh data)