San Francisco Luxury Remodel
Investment Info:
Single-family residence fix & flip investment in San Francisco.
Purchase price: $2,100,000
Cash invested: $2,600,000
Sale price: $2,800,000
Our largest flip. Held for over a year. San Francisco is about an hour from us, not including traffic, so it was hard to be on site a lot.
How did you find this deal and how did you negotiate it?
My wife is an agent. She showed the property to a client from Singapore and made a plan to renovate after her client bought it, but the client decided not to move forward. Since, my wife already had a plan to renovate, we decided to buy it and remodel it.
How did you finance this deal?
We took out a mortgage on the property
How did you add value to the deal?
This was a full renovation. We removed some walls in the living room to open it up. It was really small before the walls were removed. We also added large sliding doors to showcase the amazing views.
What was the outcome?
The outcome was good, we hit out estimated selling price when we started the project. Although the project did take a very long time.
Lessons learned? Challenges?
Manage the deliveries better! We had a full Viking Appliance package delivered and left in the boxes in the living room for about a month. The range, microwave, and dishwasher were stolen. The fridge was too large for them to get out.
The house was also too far away and hard for us to be on site.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My wife was the Realtor, Trang Dunlap
