Stolen Kitchen

As many of you know, going to the trustee sale entails a lot of risks.  You assume a lot of the liens, you get the house as is, with no real inspection period, and are buying with cash on a drive-by.

This home was purchased at the trustee sale.  When the property was driven, the exterior of the property looked phenomenal!  The only downside was we weren't able to gain access to the interior of the property, and all the windows were covered.

At the auction, I got the house a bit easily,  as I wasn't contested as much as I felt like I should've been, but I had bought many homes sight unseen before, so I didn't think much of it.

Once we got interior pics of the property, it was clear that the previous owners really liked their home:

They took everything all their cabinets,  and rendered a lot of the flooring unusable.  They took all took the AC units, as well as a lot of their fixtures and even the sinks!

It was quite a surprise to see. Especially since we were expecting something closer to this:






Since we had to get new everything, we figured the only way we could make this profitable was to go high end to sell to someone willing to pay for premium dollar for premium product.

We installed hardwood flooring, premium cabinets, granite countertops, and premium carpet.






The home came out far nicer than anything in the neighborhood, and we listed it at a far higher price, which was $15k higher than our closest competitor.

In the end, we sold it for a modest profit of $2322, which is a lot better than what I was anticipating when I first got the property.

Acquisition Date: June 13, 2011
Acquisition Source: Trustee Sale Disposition Date: September 12, 2011

Expenses Acquisition Price: 67500.01 Transfer Tax: 387.80 Rekey: 90.00
Utilities and Assessments: 538.62 Repairs: 9500.00

Total: $78,015
Sale Price: $89,000 Closing costs and commissions : $8661 Net Proceeds from sale: $80338
Profit: $2322