Updated about 5 years ago on . Most recent reply
Follow my Southern CA Fix & Flip!
What's up BP! Man, I'm so thrilled and glad to be able to be on this end of a discussion on BiggerPockets. This is my very first deal! I will try to track my progress at every step with this rehab project. I hope sharing this will help new potential investors, and hope to discuss ideas and questions with those experienced in rehab projects.
A little about myself--I have passively been wanting to get into real estate for over 10 years, actively learning and looking for about 1.5 years. As a kid we moved around a lot but always in or around the same city of Upland, CA, and basically would move into a distressed property, my father would rehab it, and then we would move into the next project, so I really got to see the benefits or REI at a young age. I had lots of aspirations going up and was not saving but instead trying to make it doing lots of different things and began to take my finances more seriously a few years ago. My end goal is to create and increase a rental property portfolio to create enough passive income to have the freedom in my life that I want for myself, my family, and the future family of my own. Being that I live in California and sucked at saving for so many years, my short-term goal is to either wholesale 4-6 or rehab 1-2 properties to build enough capital to start a rental property portfolio, most likely out of state. I have been glued to the BP podcast for almost a year and have been reading as much on the subject as I could to equip myself for success. My dad owned a business that my grandfather started that constructed and installed custom backyard storage sheds, and he is highly knowledgeable and capable when it comes to rehabbing properties, so it made the most sense to partner with my dad on my first deal and do a full rehab.
About this deal:
Purchase: $430K
ARV: $585K
Rehab: $40K
We found this deal through a realtor that found another deal for my dad over 15 years ago. It's crazy, because I had been looking for over 6 months for a deal like this and this one kind of fell into our lap. The agent had my dad's brother come to the property to quote the previous homeowner on replacing all the windows, and after the homeowner realized the cost of fully rehabbing his home he decided to sell as-is. The agent had no idea my dad and I were looking for a property, and we had no idea my uncle had been there for a quote, so when the homeowner decided against doing any repairs, my uncle let my dad and I know, and we looked at the property and had an offer to him the next day.
We closed escrow last Monday 7/22/19, first day on the property was one week ago today 7/24. In the next post I'll share some pictures of what it looked like when we got in and get into our plans for getting it back on the market.
Thank you for reading, I look forward to hearing your feedback and hope that sharing this will help the BP community even a fraction of how much it has helped me!
-Brad Hornecker
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@Brad Hornecker Congrats.
Quite a large project for your first. But amazing !
Best of luck in all your endeavors.