2610 Alamocitos - Success Story

[Jeremy Ellis]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $168,000
Cash invested: $40,000
Sale price: $299,000

What started out as a family friend needing out of their home due to financial hardship turned into an incredible project for us. Despite the home not being in terrible condition, they left a bunch of trash and old furniture behind.

We knew that if we could keep the renovation budget at $40k, we could keep the sales price under $300k. With these numbers, we anticipated a quick sale and approximately $61k in profit.

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

low risk high reward fix and flip

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

My wifes old colleague knew we bought distressed homes and asked us to help her get out of it to avoid foreclosure

How did you finance this deal?

hard money

How did you add value to the deal?

New flooring
Fresh paint
Painted cabinets
Refinished shower surrounds
hardware and light fixtures

What was the outcome?

Fix and flip, sold for 61k profit in 17 days

Lessons learned? Challenges?

The biggest challenge? The pet odor. We ended up laying down Kilz on the concrete before laying the flooring. The house ended up going under contract in just 17 days, in a market that was averaging 58 days on market in this area.

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

I myself am a featured agent