Oceanside Flip Property in San Diego

[Bram Klein]

Investment Info:

Single-family residence fix & flip investment in Oceanside.

Purchase price: $430,000
Cash invested: $40,000
Sale price: $550,000

Found a flip opportunity for a single story home in a quiet community in North San Diego. Rare single story home once again needing just cosmetic fixes. Updated flooring, paint, entire new kitchen, master bath and cleaned up the garden. New windows and doors.

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

I work with many senior citizens and I know that good single story homes, built well and priced right, are in high demand. An agent in my office knew I was looking for opportunities to buy fixers and approached me. She knew the renter was moving out and the seller wanted to sell. Oceanside is less than an hour away and I decided this would be a great project to work on with my colleague, Bill Clements with BC Hauling in Orange County.

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

A fellow agent at Keller Williams Laguna Niguel brought it to me. Frequently in office meetings, I asked for what I was looking for as an investor.

How did you finance this deal?

Hard money.

How did you add value to the deal?

New flooring, taking out discolored blue carpet for a luxury vinyl plank. Painted modern colors, new blinds and windows and doors, cleaned up the yard, added exterior hanging lights, new kitchen and master bath.

What was the outcome?

Profit.

Lessons learned? Challenges?

Not sure why we felt we had to use a hard money loan. Between my partner and I, we could have gone conventional and saved the point or two and the high interest rate while we flipped it. Won't be doing that again unless we really need it.

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

BC Hauling for the trash removal. They were quick and clean. In and out. Located in Orange County, CA.
POW Exterminating for the Termite repair work. They too were quick, precise and priced right.