Robin Lane Fix & Flip

[Claudia Perez]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $243,000
Cash invested: $65,000
Sale price: $500,000

The property 4/2 with a sunroom 1546 sq ft 8800 lot was very neglected for about a year before I came into the picture and everything had to be gutted from landscaping to paint flooring and everything in between. I couldn't upload any more images, just imagine burned areas, disgusting bathrooms, drug paraphernalia, dog poop, toilets overflowing with rotten food and poop, it was disgusting, outside of the house there were shopping carts full of stuff over grown grass and weeds.

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

Made the neighborhood decent again and put it up for sale. First open house I had a decent offer and that was my first flip. I was very torn on wether I should keep it or sell it bc I need a door for tax write offs, and really had the sweetest Interest rate that no one would have again or at least for a long time... I decided to sell it bc I fixed it up too nice for it to be a rental and kept hearing the rental market was soft so I put it on the market.

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

I asked the owner if he needed my help and strategized with him on how to save the property from foreclosing. I struck up a deal w/ the owner who was incarcerated at Mens Central Jail Twin Towers Los Angeles, CA. I saved it from being foreclosed on, paid back owed mortgage $28k, city code enforcement fines $$, I assumed the mortgage at 3.125%, cleaned the entire property, and fully rehabbed it.

How did you finance this deal?

I used my savings.

How did you add value to the deal?

CMA

What was the outcome?

Sold for more than any house ever sold in that particular neighborhood.

Lessons learned? Challenges?

I should have used an escrow and a title rep from the beginning. I would have saved a lot of stress and too many notary signings that could've all been done in the escrow process. I should've known better since I am a RE broker but I thought I could do it myself. Cost me more time effort and energy in the long run. Lesson learned.

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

Yes, myself ..:)