SFR Stud project to completion

[Lee Gilroy]

Investment Info:

Single-family residence fix & flip investment in San Diego.

Purchase price: $840,000
Sale price: $2,350,000

Incomplete stud project, with expired permits. Had to completely redraw the project up to latest codes. New design and almost a new construction. Sold Dec 2022

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

The challenge, design and opportunity .

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

Off Market.

How did you finance this deal?

Hard money loan and a lot of cash

How did you add value to the deal?

A lot of work, design, money, grey hair and grit!:D

What was the outcome?

A very successful project, for us, the neighbors and the new owners.

Lessons learned? Challenges?

Permitting is taking at least twice as long as before the pandemic.
Expired permits with multiple code changes cycle are very challenging to overcome