Flipping the OC (Orange County)

[Joe Homs]

Investment Info:

Single-family residence fix & flip investment in Mission Viejo.

Purchase price: $600,000
Cash invested: $75,000

This is a detached home with an attached two-car garage and a expansive back yard with patio, space for gatherings, seating area, and a nice green lawn with mature trees. Upgrades include a remodeled kitchen with newly installed cabinets and countertops, new premium stainless steel appliances, vinyl windows, remodeled bathrooms, new flooring throughout, elegant entry door, and a stacked-stone fireplace that ties in perfectly to the comfortable layout of this home.

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

Good profit potential

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

Patience. Was on MLS, place offer, lost deal but emailed listing agent to let me know if it falls out of escrow and it did. Got it for my price.

How did you finance this deal?

401K money

How did you add value to the deal?

Complete rehab.

What was the outcome?

Offer first weekend on market.

Lessons learned? Challenges?

None

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

I am a full time RE agent, flipper and mentor.