Successful Palm-Springs inspired flip in Ladera Heights
Investment Info:
Single-family residence fix & flip investment in Los Angeles.
Purchase price: $1,040,000
Cash invested: $350,000
Sale price: $1,940,000
Contributors:
Samira Mahjoub Tapia
Turned a mid-century property in Ladera Heights into a stylish Palm-Springs inspired retreat. Ended up having to complete the 9 month renovation during Covid but ended up with a successful sale!
What made you interested in investing in this type of deal?
We had done one other successful flip property and were looking to continue. I liked the neighborhood, the lot size, and the fact that the house was technically mid-century but did not have a ton of character so we were able to really put our own spin on it.
How did you find this deal and how did you negotiate it?
Another investor brought this deal already under contract to an agent who had been looking for investment properties for me. She sent it to me and ultimately the other investor assigned the contract to me. The negotiation had already been done by the other investor but we were able to get an additional $8000 off in repair credits during escrow.
How did you finance this deal?
Hard money loan and our own cash
How did you add value to the deal?
We completed a full renovation including architecture, structural engineering (vaulting ceilings), adding one bedroom, one bathroom, and an additional 300 square feet to create a 4 bed, 4 bath with a master suite. We incorporated stylish designer finishes and fun elements like a flip-out serve window from the kitchen to the deck. We fully landscaped the yard creating a Palm Springs mid-century inspired courtyard.
What was the outcome?
We sold the property within 2 weeks on the market in multiple offers nearly $100k over asking for a profit of $300k after renovation costs, holding costs and selling costs.