One of our flips from 2019 - purchased from distressed seller.
Investment Info:
Single-family residence fix & flip investment in Santee.
Purchase price: $378,900
Cash invested: $143,000
Sale price: $595,000
Enjoy the views of Santee Lake from your backyard!! Another beautiful CalHomeCo Construction remodel. This home features brand new Flooring, carpet, brand new kitchen, all wood cabinets with soft close drawers and hinges, quartz countertops, new stainless steel appliances, new fully finished bathrooms, new interior and exterior paint, new central HVAC, new dual pane windows, new roof, new water heater and all new lighting throughout.
What made you interested in investing in this type of deal?
The seller couldn't afford the home and we were able to work with him to purchase the home as a win-win deal.
How did you find this deal and how did you negotiate it?
We found it on public records because the seller had an NOD filed against it. It was purchased as a short sale from the bank, we were able to release the sellers tax liens on the property and he received $5k for relocation.
How did you finance this deal?
Credit line and private investor money.
How did you add value to the deal?
We did a major remodel including significant roof and rafter repairs.
What was the outcome?
The property sold and we made money!
Lessons learned? Challenges?
This home didn't sell as quickly as we expected. I also thought it would sell for more than $600k based on the prime location overlooking a lake/park.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
We did this in-house with agents on my team.
