Fix and Flip in Carmel by the Sea

[Matthew Bernal]

Investment Info:

Small multi-family (2-4 units) fix & flip investment in Carmel By The Sea.

Purchase price: $1,600,000
Cash invested: $950,000
Sale price: $3,280,000

I bought a 3-bedroom cottage in Carmel By the Sea for $1,600,000. I renovated the property with high-end finishes and added a master suite and a garage. The rehab cost me $950,000 and took 9 months to complete. I then sold the property for $3,280,000, making a profit of $730,000. The property was in a prime location near the beach and the downtown area. It attracted a lot of buyers who loved the charm and quality of the house. It was a successful flip that paid off well.

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

It was an opportunity to work with my father, who is a very talented contractor in California.

How did you finance this deal?

This deal was purchased entirely with private money lenders.