Updated about 6 years ago on . Most recent reply
Successful Mid Century Modern Revival in the Hollywood Hills
Investment Info:
Single-family residence fix & flip investment in Hollywood.
Purchase price: $1,500,006
Cash invested: $398,000
Sale price: $2,514,000
For our first flip property, my husband and I renovated a mid century modern home in the Hollywood Hills. We kept the bones but revived the property with stylish, modern finishes all while nodding to the original Mid-Century vibe. The end result was a gorgeous property that was warm, stylish, and unique and immediately attracted the right buyer.
How did you find this deal and how did you negotiate it?
Through a stroke of luck and relationships, we happened upon a 1960 fixer property in the coveted Outpost Estates neighborhood. We saw the home the same day it went on the market and made an offer the next day. We closed fairly quickly but did have significant credit negotiations during escrow. Our agent was also the listing agent.
How did you finance this deal?
We teamed up with a financial partner who purchased the home and funded a majority of the renovation. She was actually the same person who brought us the deal through her real estate agent once she saw he had a fixer listing since she was aware of my interest in reviving a property to sell.
How did you add value to the deal?
My husband and I brought in the contractor team, managed the project, made design decisions, sourced materials, created brand partnerships, etc...
What was the outcome?
This project was a huge success to say the least. After a few days of off-market promotion we received two offers both at our dream number and closed escrow 15 days later. This property never even made it to the MLS!
Lessons learned? Challenges?
1- It's important to have a good relationship and communication with your contractor.
2- While it may take more time up front, planning as much out in advance as possible in terms of design would have saved several headaches.
