My first rehab in Orange County

[Jimmy Hong]

Hello everyone, here are some pics from my first rehab experience in Orange County. Fortunately for my wife and I, we feel we were very fortunate to have a smooth experience and not too many major issues. It was a pretty full rehab, remove popcorn ceiling, new floors, completely remodel kitchen, remodel both bathrooms, scrape all the walls because we couldn't just paint over, take out partial wall from dining to kitchen. But nothing like Aaron McGinnis' "Sinkhole" property :).

I forgot to take before pics so I am using the stock mls pics of the place. I have to say the mls pics made the place look much better than it actual was. 1370 sq ft, 2 bed / 2 bath.

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Living room, popcorn ceiling, mirror above fireplace.

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Living room, broken mirrors on right wall.

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Dining room, more mirrors, did I mention this place had some mirrors?

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Kitchen, built in 70's style dining table attached to left wall. I think tile floors.

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Bathroom #2, they didn't show the shower on right but it was pretty bad. Again, this pic made it look decent.

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Bedroom #2, pretty standard, shaggy carpet, popcorn ceiling.

They didn't have pics of master room and master bath. Again, I forgot to take the before pics.

[Jimmy Hong]

Hello guys and gals, just wanted to update the latest on my first rehab. After being on market for 22 days, I got 2 offers over the weekend and one of them is accepting my full asking price. I did a counter offer to buyer to cover the appraisal difference if it comes lower and she agreed and accepted. Very exciting to get this first rehab completed and sold. I purchased it on March 1st. I was very aggressive regarding the listing price, but I wanted to take advantage of this current market.

Here are the numbers:
bought at $297k (cash purchase so no financing)
rehab cost $27,500
Holding costs $1060 for 4 months (March - June)
(hoa $235 x 4, util $30 x 4) = $1060
closing costs around $3000

Sold at $423,500
Closing Costs:
Title: ATLTA Owner's Policy: $1,075
Sub Escrow: $250
Reconveyance Fee: $75
Escrow Fees: $1,047
Deed Prep. & Notary Fee: $100
Demand Fee: $0
Prorated Property Tax: $1,613
Doc Transfer Tax: $466
City Transfer Tax: $0
Commission: $20,116
Pest Inspection: $50
Termite Work: $0
Home Buyers Warranty: $400
Natural Hazard Disclosure: $125
Homeowner Assoc. Transfer Fee: $450
Cushion: $200
Total Estimated Closing Cost: $25,967

Net cash to seller $397,533

I just wanted to thank biggerpockets and members. The podcasts, blogs, forums, and books were instrumental to this rehab.