Helping my father with a simple request.

[Sean C.]

Investment Info:

Single-family residence fix & flip investment.

This property was the first one I ever worked on with my father. He put it the market and the real estate agent advised him to add a closet to what had actually been a bonus addition to the two bedroom one bath house. 12 years old at the time my father asked me to give it a try. I build at simple closet with accordion doors to make it as some and cost effective as possible. The house sold as a three bedroom at I believe was $18,000 dollars more than it was originally listed for.

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

It was my father's investment and I was just attempting to please my father's request. He was a certified public accountant and a vocational superintendent for the department of corrections in California before he retired.

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

It was my father's investment it actually at one point had been our primary residence he was just putting it on the market because he didn't want to deal with the stress of renters or have to worry about carrying costs.

How did you finance this deal?

At the time my father owned the residence outright free and clear.

How did you add value to the deal?

Building a closet in the bonus room addition to allow the property to be legally listed as a three bedroom.

What was the outcome?

I believe it was an increase of profit of around $18,000 more than the original listing price.

Lessons learned? Challenges?

I didn't even realize at the time what lessons I was going to learn in the future my father was an accountant and an exceptional bookkeeper and a math genius to be honest. He once told me that he didn't understand where my desire to work with my hands and become mechanically inclined came from. He claimed if he had to he didn't know what end of screwdriver he'd have to use. But put a pen and paper in his hand and it was a lethal combination in his profession.

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

I don't remember the agent's name but I believe the agent was a member of the century 21 real estate company in Southern California.