Crazy Market and Crazy Prices & Profits

[Joe Homs]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $750,000
Cash invested: $60,000
Sale price: $1,280,000

Stunningly gorgeous remodel of this classic Mission Viejo pool home. Properties like this are rare in todays market. Featuring premium and designer finishes, this amazing home is sure to be great for entertaining, relaxing, and enjoyment. French Doors, bay windows, and many windows let wonderful light in. New kitchen cabinetry and countertops, new appliances, and new fixtures create a great cooking and entertaining space. Newly updated bathrooms with new cabinetry and quartz countertops.

What made you interested in investing in this type of deal?

Pre-Foreclosure

How did you find this deal and how did you negotiate it?

Wholesaler brought it to me. Seller stayed in home for 1 month for free, which turned out to be a 6 month overstay.

How did you finance this deal?

Hard Money

How did you add value to the deal?

Medium flip

What was the outcome?

The most profit that I have ever made on one flip on over 40 years.

Lessons learned? Challenges?

Hold back more in rentback money in escrow. The seller walked away from $10K

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I have my own team