11th St, Oakland Diary

[Juan Diaz]

We've got an interesting one here...bought for a steal of a price at 240K, ARV is 600K. But the area is interesting, we had a trash container there for one day, and someone filled it to the brim during the night. It's going to be interesting getting this one going!

More fun facts: previous owner is skimming electricity! And managed to hoard so much stuff that there's a complex and full-bodied stench that pervades the whole house.

[Juan Diaz]

We’re going to make bank on this house. We bought it for $160K, put in $100K, and we’re looking to sell for over $500K. This house will be a HUGE winner for us. I’ll get into some of the rehab details later on, but how did we get such a steal?

We timed this house PERFECTLY. Timing is everything they say, and it was especially true in our case. We put an offer in shortly before this house was set to be foreclosed on, and the obviously-motivated buyer was eager to take up our offer and get out before the house could be sold at auction.

Timing: we got her a cash for keys, and got her out of the house within a month. In Oakland this is SUPER important, because she could have really dragged out the issue. It was worth it to pay her $12K to be gone.

Timing: we got in, got out, did all the necessary work, made it pretty, all in about three weeks.

Money report:

$160K purchase

$12K cash for keys

$100K rehab

Rehab details:

We’ve got the pictures of the exterior in the first post, but one thing I forgot to take pictures of was the interior of this place. And boy, this was a doozy!

We bought this a little before it was due to be foreclosed on, and the people inside had been living like animals. There were containers of crap and piss everywhere, and the house was completely disgusting. It was a true dump. And now…check out the after pictures! It was ready on May 8th, so about three weeks since we were able to get access to the property.

Finished product: