Mission Valley San Diego Flip Sold!

[Steve Meyers]

Investment Info:

Condo fix & flip investment in San Diego.

Purchase price: $350,000
Cash invested: $101,000
Sale price: $515,000

This project for rehab costed me about $40K all in. Full reno of a 2/1 - 690 sq foot condo in Mission Valley. I got the deal direct to seller from mailers.

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

I was able to negotiate a great price from the seller

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

from mailers I used

How did you finance this deal?

fix and flip loan

How did you add value to the deal?

full reno to the condo

What was the outcome?

Made about a $76K profit

Lessons learned? Challenges?

The HOA's master policy didn't have the proper coverages for Fannie and Freddie lending. A new guideline had gone into effect after I closed on my condo requiring the HOA master policy to have certain insurance coverages which I was unaware of, the buyer had to close the deal with a non-QM lender.

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

Yea myself lol, I also have a good hard money lender.