Mid Century Pool Home

[Nicole Gilberts]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $425,000
Cash invested: $80,000
Sale price: $690,000

Cosmetic fixer inside which just needed a little character and charm. The bones of the house were in great condition as it was mid century architecture. We knew the value add would be a pool considering this is Palm Springs. We had a fully permitted and newly installed pool within 5 months during the middle of covid, not bad! Overall, we were really happy with the end product of this home.

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

I love the mid century architecture of Palm Springs and when I saw this property I immediately saw the potential by adding a pool and some cosmetic upgrades.

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

Found it on the MLS and it fell out of escrow twice prior to us picking it up. The agent called me the second time it fell out and let me know it was ours if we wanted it.

How did you finance this deal?

Hard Money

How did you add value to the deal?

By adding a pool spa in the backyard with a view of the mountains.

What was the outcome?

We had three offers within the first weekend in the middle of August (which is the hottest month in the desert). Ended up accepting an all cash offer.

Lessons learned? Challenges?

There were many challenges with labor and the city getting the permit issued for the pool. We had to be diligent and stay on top of the contractors, but we still got it done in a reasonable amount of time.

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

I was able to identify and close the property myself, as I am a Realtor.