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Brian Larson
  • Investor
  • Redondo Beach, CA
129
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147
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2nd flip - Northern Arizona Area

Brian Larson
  • Investor
  • Redondo Beach, CA
Posted Oct 25 2014, 09:59

So as you can see, I have not even sold my first flip yet but here we are working on #2. I have promised @Kyle Larson that we will not acquire another property until 1 sells AND this house is at least 60% done with the rehab.

Purchase Details:
  • Distressed sale listed on MLS.
  • Purchased for $115,000
  • Using hard money lender. Paying a premium (15% with no origination but it was my offer so I could build trust with this lender). I also did the math on 10% @ 2pts vs 15% and if sold under 6 months it is better to pay the premium with no points. 
  • Closed on 10/17

House Details:

  • Built 1975, 2 bed/2 bath, 1850 sq ft house
  • This is a dated but very large house. We will convert to 3/2
  • Estimated Rehab is $30k
  • Estimated ARV: $195k

Rehab Details:

  • Rehab started on 10/20
  • Compared to our other property this is much more thorough rehab :)
  • Hired contractor to rearrange space, create 3rd bedroom, fix flow and update baths
  • Removing old tile throughout (glad someone else is doing this, what a mess)
  • Paint, flooring, new baths, light update of kitchen, etc
  • 6 week timeline but there are some things lining up to maybe shrink this to 5!

I will update this post with picture shortly. I need to original, awful pics put up :)

Brian

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