Anybody flipping in palm springs?

Question

Investment Info:

Single-family residence fix & flip investment in Palm Springs.

Purchase price: $335,000

Cash invested: $445,000

Sale price: $595,000

Classic palm springs fix and flip with a killer spread. We received multiple offers on the resell end.

How did you find this deal and how did you negotiate it?

MLS

How did you finance this deal?

Investors cash

How did you add value to the deal?

designed and managed contractor

What was the outcome?

Bidding war and full price offer

Lessons learned? Challenges?

EVERYTHING with partners and contractors must be in writing

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Just me

Sophie Knight · Answer

@William Green Congrats on all the flips. I am closing on my first property in Palm Springs tomorrow to renovate and turn into an Airbnb, I've met with a few contractors and settled on a pool contractor but wanted to get some more bids for the actual house, if you have any references that would be greatly appreciated!

William Green · Answer

@TJ Watson Thanks! Really appreciate it. Yes I have a three man contractor team out there. Pool contractor, house contractor, and landscape contractor. They all do a great job. I just listed another flip I just finished up at 4373 camino parocela. I’ve done 11 flips out there myself and sold around 50 to clients of mine. I would say Palm Springs and LA are where I do the bulk of my business. I am apart of one buy and hold. 467 e molino rd. It was a flip and hold. We got it for 370k put about 110k into it and rented it out on Airbnb. On paper it’s done great, but with the high rental prices it commands the tenants can be quite needy. We did pretty well this last year but now after losing Coachella and stagecoach rents plus several more cancelations and with the uncertainty of traveling during this virus take over we are going to sell it. List price will be 669k. I noticed a huge slow down in buyer activity with my other flip this week, and think it will take some time to sell this one just due to everything that’s going on. We will keep it both for sale and for rent.

Tom Kastorff · Answer

@William Green very nice flip, very clean, nice waterfall island, clean pool and yard. Well done. Would you recommend any of your contractors? Your GC? Do you only do flips in PS or any other type of buy / hold / etc?

William Green · Answer

@John D. address was 2225 hildy

@Roger Evans I love Palm Springs! It’s made me a lot of money over the last few years and is always a super fun place to hang.

Roger Evans · Answer

@William Green ahh Palm Springs the first nice place once you exit hell “Twentynine Palms” I was there for the marines. I’ll always have love for Palm Springs.

John D. · Answer

Address?