Burbank, CA property at Auction, but residents wouldn't leave

[Marty Friedemann]

Investment Info:

Single-family residence fix & flip investment in Burbank.

Purchase price: $654,000
Cash invested: $145,000
Sale price: $941,000

We bought this property at foreclosure auction. Unfortunately, the former owners leased the property to someone right before the foreclosure and we lost a lot of time and resources fighting a legal battle. Once we got possession of the property, we had to reassess our situation. We decided to essentially refresh the property and clean up the damage that the tenant had done before leaving (large holes in walls mainly). We were fortunate that we purchased the property at the right price and we were still able to make it out ahead.