Single-family residence fix & flip investment.
Purchase price: $288,000
Cash invested: $370,000
This beautiful Spanish Revival home in the Wood streets is listed for sale and it is FHA approved. 3 bedrooms, 2 bathrooms, 1.5 car garage, 1,345 sq. ft. of living space and a 6,800 sq. ft. lot. Just beautiful with the old time charm and all new systems.
What made you interested in investing in this type of deal?
I loved the Spanish Revival style and the neighborhood I adore.
How did you find this deal and how did you negotiate it?
I found this deal through a whole-seller. I negotiated it to $288,000 from $305,000
How did you finance this deal?
All cash deal. I used one of my investor money to buy and pay pay closing costs. Then borrowed another $50,000 at 7% over 4 months and used about $35,000 of my own money to cover the rest of the rehab cost.
How did you add value to the deal?
As you can see from the pictures, we preserve the Spanish revival charm and added the espresso and cream colors to emphasize it. We went with a dark brown/bluish/grayish kitchen cabinets and espresso laminate throughout and 6 inch based board which we painted espresso as well to just add the Spanish flare to it.
What was the outcome?
We are currently entertaining offers at $480K+
Lessons learned? Challenges?
Over budget - over budget - over budget mostly on this oldies.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you