Sweet Flip in DonwTown Riverside

[Michael Nugent]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $228,000
Cash invested: $283,600

The home is a 2 bedroom 1 bathroom as per title but it actually has a total of 3 bedrooms and 1.75 baths plus an in-house laundry area. Enjoy brand new and water proof oak gray laminate flooring through out, newer HVAC, windows & shingle roof.

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

Its proximity to RCC and DTRiverside.

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

Through a wholesale company

How did you finance this deal?

Cash

How did you add value to the deal?

Completely upgraded the interior with emphasis on the kitchen, flooring and bathrooms. We also added an HVAC system,

What was the outcome?

We are currently in escrow for $335,000.00 was on the market for about 10 days

Lessons learned? Challenges?

It is OK to adjust the price down even after 5 days if not enough traffic has gone through and only one mediocre offer has arrived. I decided to reduce the price down $5,000 from $335,000 to $329,990 and that did it, within 5 days I received 4 offers and chose the strongest one at $5,000 above (or back to where I first listed).

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

Nope