Condo fix & flip investment in East San Jose

[Solomon Oh]

Investment Info:

Condo fix & flip investment in San Jose.

Purchase price: $447,000
Cash invested: $20,000
Sale price: $583,000

Short and easy condominium renovation done in San Jose. I connected with the owner in February of '21, went under contract with them in May '21 and closed the buy side of the transaction in July. After having a 5 week renovation (partly while we were still in escrow on the buy side)We ended up closing the sell side transaction in September '21.

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

The fact that the entire project took us about 2 months in n' out.

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

Direct to Seller Cold Calling + 3 months of persistent Follow up.

How did you finance this deal?

Iron Bridge Hard Money + Private Capital.

How did you add value to the deal?

Renovate the existing unit.

What was the outcome?

Sold the property to an end buyer and walked away with a healthy profit.

Lessons learned? Challenges?

Set expectations with contractors correctly.
Go over scope of work with them at the site.
Have them give you timelines that they can deliver on.
Stay persistent with HOAs when you're not getting the answers to the questions you have.

[Michael Kinsella]

Solid lessons learned and congrats on a successful flip @Solomon Oh!