SFR off market rehab
First rehab project purchased May 2020, sold Oct 2020. The home is a 2/1 on 950sf in the Arden Manor neighborhood of Sacramento. Built in the 1950s home with minimal improvements done over the years and plenty of deferred maintenance.
How we financed it:
We financed through a HML at 9.95% and a bridge loan from a family friend at 10%.
How we found it:
The property was found off market through my partners connections as a local real estate agent.
Full gut. Remove existing carport and rear patio overhang, replace damaged framing due to termites, open up kitchen with recessed beam, new roof, all new plumbing, electrical, and HVAC, new windows, new flooring, new cabinets/countertops, new tile, paint, new sod at front yard.
@Tim Kunz Wow! Big improvement. Where do you feel the bulk of the $75k went towards?
@Tim Kunz great job!! Why did the seller want to sell by chance?
@Sean Smith costs broke down fairly evenly, here's a link to the breakdown. I did about 90% of the work so most of those numbers only reflect material. The electrical, HVAC, countertops, garage door, and landscaping were subbed out. A couple areas that we went over our budget were framing, electrical, & HVAC. We encountered a lot more termite damage than expected, which caused some unforeseen costs. We weren't planning on rewiring the house either but it made sense after we had so many walls open chasing termite damage. Also upgraded the HVAC from the original plan which was just going to be a wall unit to central heat and air. I also have a link to more photos if you're interested
@Victor Rallo the seller had passed away, heirs wanted to get rid of it.
Congrats! That breakdown offers a lot of value and details a lot of costs of doing a renovation - you've done nearly everything here.
@Tim Kunz congrats on the first flip! Looks great, the quality of work done looks really polished.
Thanks @Sergey Tkachev . Are you guys still holding meetups?
Originally posted by @Tim Kunz :
Thanks @Sergey Tkachev. Are you guys still holding meetups?
Yes, we've had them on Zoom since April, our next one is this coming Monday. As a matter of fact, @Sean Smith will join us to talk about the current state of the rental market.
Nice job on your first flip! Love the transformation!
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