Spanish Modern Fix and Flip

[Melissa Barnes]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $444,500
Cash invested: $70,000
Sale price: $655,000

Fixed and Flipped a little 919 sq/ft Spanish number. Started as a 2bd/2ba and turned it into a modern 3bd/2ba with open living space. This was a complete overhaul. New electrical, plumbing, moved kitchen to create open living, updated both bathrooms and turned original kitchen into third bedroom.

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

The numbers penciled out and I knew I could make this property into something special.

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

Found it on Redfin. Won the bidding war.

How did you finance this deal?

Bridge loan with hard money lender.

How did you add value to the deal?

Created a modern open living residence with new electrical, plumbing, moved kitchen to create open living, updated both bathrooms and turned original kitchen into third bedroom.

What was the outcome?

Sold within four days. Line out the door during open house. Twenty offers all above asking.

Lessons learned? Challenges?

Sometimes more challenging and cost more than I expected. Add 15% to estimated budget.

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

Victoria Posthuma (714) 274-3578. She is a gifted marketing wiz.