6th flip in Los Angeles

6th flip in Los Angeles

Specialist · Los Angeles, CA · Member since 2016 · 165 posts · 88 votes

Hey BP, I just wanted to share my most recent flip. This was in Los Angeles. This is my 6th flip and I haven't had a chance to share every single one but I'm pretty proud of my accomplishments in the last 2 years since I started flipping. I got a lot of negative feedback at first from people telling me it's a bad idea, it's too risky, local seasoned agents telling me I'm too late to the game and you can't do any investing in Los Angeles with $0 money. Well, 2 years later here I am. I started with $0 out of pocket, I've completed my 6th flip, I just purchased my 7th one last week and have 3 other ones in my pipeline, I left my job a year ago to go into this full time, and each deal after the first just kept getting better because I kept learning how to make it better. I'm sharing this not to brag, but to show those of you particularly in Los Angeles, that it can be done if you have enough desire. This is not at all to say it was easy because there is nothing easy about this business. With that said here are the details and links to the pics.

Property: 2/1 800 sq ft./5,000 lot

Purchase price: $413k

Rehab: $55k 

Rehab time: 6 weeks

Initial ARV: $580k

Listed: $599k

Appraised: $635k

Sold: $653k

Pics:

Before - https://app.box.com/s/mhqk541iubkj84ibf4pa9x63cdex...

After - https://app.box.com/s/21n6e5igy958bl6wdzagvmciecyr59z7

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San Clemente, CA · Member since 2018 · 9 posts · 4 votes
8y

@Adriel Liwag Great job on this deal man!! Where did you find this deal, MLS, auction?

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  • West Hollywood, CA · Member since 2019 · 3 posts · 0 votes
    7y

    Hi @Adriel Liwag! Thank you for sharing this. Your post is very inspiring! I am new to REI, but have been building capital and doing a lot of research and education on the subject, and now highly interested in wholesaling. I'm currently in the process of looking for investors in the LA market and would love to connect and find out how I can be a part of your network here in Socal. Thank you in advance!

    Ernie Velayo

  • Rental Property Investor · Los Angeles · Member since 2019 · 284 posts · 184 votes
    7y

    New to BP and just came across this post.  Inspiring stuff to see your success.  How are things going for you these days, @Adriel Liwag?   Profit margin still good 10mos later?   Which part of L.A. is your concentration these days?  

    Im doing my first 2-unit to flip from ground-up in Eagle Rock. 

  • Specialist · Los Angeles, CA · Member since 2016 · 165 posts · 88 votes
    7y

    @Ernie Velayo That's great man. Shoot me a PM and we can talk.

    Thanks!

  • Member since 2018 · 5 posts · 1 vote
    7y

    Hi Adriel,

    This is so great and inspiring. Congratulations! I hope you don't mind me asking. I am in LA and have been looking on the MLS for a year. I have made about 5 offers on houses that did not get accepted. I realize I probably need to make 5 offers a week and will start doing that. How did you build your network and what do people in your network do for work? Are they wholesalers? Do you go to investor meetings in LA?

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