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Updated about 3 years ago,
Live and flip in rural CA
Investment Info:
Single-family residence fix & flip investment in Winters.
Purchase price: $241,000
Cash invested: $80,000
Sale price: $541,000
Live and flip. House was on the market for years before we purchased it, and was in rough shape. We learned and made a lot, but will not buy on a busy road again.
How did you find this deal and how did you negotiate it?
We found this house because it was on the market for years, and didn't have inside photos--a dead giveaway it was in rough shape. After touring, we saw the potential: 3/4 acre near a university town, house was structurally solid but in very rough cosmetic shape. We went back and forth with negotiations for months, but got it for $60k less-than list, and the sellers addressed $10k in damage before we moved in.
How did you add value to the deal?
Most of what we did was revive its old beauty: revealing and refinishing old floors, installing new countertops, fresh paint everywhere in and out, and fresh landscaping. We unfortunately had to install a new well which ended up being nearly $35k.