Updated over 4 years ago on . Most recent reply
Oceanside Fix and Flip
Investment Info:
Single-family residence fix & flip investment in Oceanside.
Purchase price: $430,000
Cash invested: $110,000
Sale price: $699,000
Bought as a foreclosure, did a complete upgrade on kitchen, baths and flooring.
What made you interested in investing in this type of deal?
This was our second fix & flip.
How did you find this deal and how did you negotiate it?
Used a local realtor.
How did you finance this deal?
VA financing, then used a HELOC for the upgrades.
How did you add value to the deal?
Home was very dated and just needed a complete upgrade throughout to make it an exceptional home.
What was the outcome?
Worked out perfectly. We initially were going to use a realtor who lived in the neighborhood and was an "area specialist" to sell. But when we brought him through he scoffed at the idea that we wanted to sell for $700k telling us that nothing in the neighborhood was worth more than $600k. We then reached out to our investor network and got an investor savvy realtor who successfully sold it to a cash buyer at $699k.
Lessons learned? Challenges?
This one went very smoothly with only minimal delays during renovations.
Most Popular Reply
Hi Chris,
Great work. Out of curiosity see that your profile says Ohio what brought you out Oceanside for this deal?