First Central Coast Flip!!

[Reece Sapien]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $490,000
Cash invested: $80,000
Sale price: $660,000

This was our first flip on the central coast, we were able to take a junk house and transform it.

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

We loved the thought of doing project in Paso and on the Central Coast so when this oppurtunity came along with anothe one we jumped on it!

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

We actually contacted this wholesale company about another property in a neighboring town, when those numbers didn't work, she sent us one they hadn't sent out yet so we went and checked it out and loved it.

How did you finance this deal?

We used hard money for the purchase of this deal! (and went way over budget on the rehab but we still were able to profit)

How did you add value to the deal?

We added a whole back room and also made it much more modern with the help of an interior designer!

What was the outcome?

This was my personal favorite project that we've done, it was so much fun to go through the design part of it. It looked great. We did go a bit over budget but we ended up coming out on top as far as the numbers on the deal. Although after countless drives to the coast (about 2 hours away) we probably lost some money after gas expenses.

Lessons learned? Challenges?

We rushed the end of the project. We wanted to get it on the market and we missed some key details that needed to be taken care of. The central coast is a different market and needs a little bit more attention to detail. And since we rushed we missed some things that I think we left a little bit of money on the table. Even though on the deal we profited, we probably ended up losing money since we were project managing.