Single-family residence fix & flip investment in Redlands.
Purchase price: $442,000
Cash invested: $160,000
Sale price: $700,000
Old 1920 vintage home that has structural issues.
What made you interested in investing in this type of deal?
Was looking for a a challenge and this did not disappoint.
How did you find this deal and how did you negotiate it?
I found this deal from a wholesaler. Had under contract and tried to sell it for 550. He never walked the property and soon realized it has foundation issues. We could not come to agreement so i passed. A few weeks later it appeared on the MLS and i jumped on it since i already walked it and had my number in mind.
How did you finance this deal?
I used all my own cash.
How did you add value to the deal?
Opening up walls to make more of a open concept without losing the vintage touch.
What was the outcome?
Not the payday i was expecting but the experience was worth it.
Lessons learned? Challenges?
Dealing with vintage homes with giving new look with keeping old characteristics was a challenge for me.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes worked with Jamie Houck
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