Investor · San Diego, CA · Member since 2016 · 62 posts · 7 votes
Hello BP,
I am trying to help my wife's family sell their home in Pomona, CA. My mother-in-law is staying between homes and can no longer support the maintenance of a home, so we are seeking to sell to support her LTC costs. I'd prefer to list here before locking it in with an agent to create a win-win for the investor and my mother-in-law. Please no, wholesalers. We will be asking 550k, but we're flexible within means.
The bad: This property requires a lot of work and may have significant termite damage. It will also need new plumbing, electrical, and roof work. There haven't been any updates or upgrades to this property whatsoever.
The good: The property is located in an area where comps are in the $750k range. The property is small in size, but the lot is sufficient to add permitted square footage for expansion, an additional bathroom, or an ADU.
Please reach out to me directly to provide the address and discuss further.
Pomona is fairly far (too far for me) from San Diego. Too bad because, even though I do not do flips, I am looking for a beginner flip. 3/1 $550k for an ARV of $750k is tighter than I typically would be interested in (I seek (purchase and rehab) < (0.8 * ARV)), but I am looking for it to let some protégés loose on it (so I would be willing to have lower profit than I would usually demand).
@Ernest Alexander your price seems to be a little high for most RE Investors based on your numbers. Holding costs are much higher than prior to 2022. Rehab costs are always increasing.