RE: Remodel + Addition in Mountain View
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $1,595,000
Cash invested: $350,000
Sale price: $2,717,500
A value add project completed in one of the hottest markets in California!
What made you interested in investing in this type of deal?
I sourced this deal for a team I work with now. High price points and proximity to much of Silicon Valley.
How did you find this deal and how did you negotiate it?
Background: This was a project we found texting a seller in October of 2019 off a Driving 4 Dollars list. After following up for 3-4 months we were able to connect with the real estate agent of the owner (as the owner lived in New York).
How did you finance this deal?
Hard Money + Private Capital.
How did you add value to the deal?
Remodel of existing structure + Addition in the Rear.
Lessons learned? Challenges?
You may be forced to add real value to areas since in this case, this project wouldn't have made sense as a straight flip.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Outcome: Bolstered by a hot market the property sold for over 350k more than we anticipated. Revitalized House in a great Location, A satisfied buyer, Healthy profit margin. Seemed like a Win-Win-Win for everyone.
