Condo fix & flip investment.
Purchase price: $325,000
Cash invested: $35,000
Sale price: $625,000
Remodeled a 2B/2B in downtown Los Angeles
What made you interested in investing in this type of deal?
Prime location and buying it for primary residence. Able to exit without triggering capital gain tax
How did you find this deal and how did you negotiate it?
Through friends and family
How did you finance this deal?
@Victor Ong , is this to be a live-in flip? I never thought of doing this with a condo! I like the idea of this! Where are you in the process? Is this a past deal? If so I am interested in know what it was like working around the HOA during the remodel.
@David Featherstone it was never fun working with HOA. First, you have to submit your plan to the board for review. They will scrutinize your material, layout, and contractors. 2nd, if any layout deviates from the original plan, you have to find a structural engineer to prove to them the change won't compromise the structural integrity of the building. 3rd, your finished materials especially flooring must meet their sound proof standards. The HOA could ask you to redo your flooring if it doesnt pass the sound test. 4th, you have to cover up the common area with plastic wraps during the construction hour.
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