Fix and flip in Ventura California

[Jesse Steven Jordan]

Investment Info:

Condo fix & flip investment.

Purchase price: $365,000
Cash invested: $60,000
Sale price: $525,000

Bought this at auction, it was abandoned a year before with all of the persons belonging still inside, including a full refrigerator. It took a major overhaul. 2 40 yard dumpsters of trash and countless trips to salvation army.
We did paint, kitchen, bathrooms, we made a shower in the master and put a tub in the secondary bathroom. new cabinets new vinyl downstairs and carpet upstairs. framed the windows in casing and crown molding.

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

Honestly I needed a project and this was the best one on my list that actually went to auction that day.

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

found it on the county auction site, then ran title on it. not much negotiating.

How did you finance this deal?

Cash

How did you add value to the deal?

Total remodel from top to bottom, paint floor, new showers tubs, toilets, kitchen appliances base molding and crown,

What was the outcome?

The place turned out nice, I was still green and didn't realize some complexes don't qualify for FHA, so it sat longer than I had hoped.

Lessons learned? Challenges?

check the FHA/ VA website to see if your complex qualifies. could have spent less on the remodel as well, Staging was key.

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

Penny Jordan Keller Williams Simi Valley