Additional SqFt payoff

[Marco Chaidez]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $775,000
Cash invested: $175,000
Sale price: $1,225,000

FULLY RENOVATED HOME. THIS HOME HAS BEEN REMODELED FROM TOP TO BOTTOM, RECEIVED A 400+ SQ FT ADDITION TO THE HOME TO GIVE THIS HOME AN OPEN CONCEPT. OPEN FLOOR PLAN THAT FEATURES 4 BEDROOM/2 BATHROOMS. LARGE ISLAND FOR ENTERTAINING AND LARGE OPEN FAMILY ROOM. THIS HOME HAS A LOTS OF OUTFOOR SPACE TO ENJOY THE BEAUTIFUL SOUTHERN CALIFORNIA WEATHER. THIS HOME HAS 2 BEDROOMS DOWNSTAIRS AND 2 UPSTAIRS. THE HOME IS LOCATED AT THE END OF A CUL DE SAC AND SITUATED ON AN OVERSIZED 6500 + SQ FT LOT.

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

We knew there was value to be added if we make the kitchen / living room larger

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

MLS deal

How did you finance this deal?

HML, private

How did you add value to the deal?

we added about 330 sq ft to the property

What was the outcome?

sold for 1.25M !!

Lessons learned? Challenges?

one week prior to closing escrow on the purchase, the gas company had decided to repipe the gas lines from every single home on this street.... Parking was VERY limited already, and the gas company made it much more difficult to find parking for our contractors. Building good relationships withe the neighbors is absolutely vital in situations like this.