Single-family residence fix & flip investment in California

[Matt Dunlap]

Investment Info:

Single-family residence fix & flip investment in Lafayette.

Purchase price: $818,000
Cash invested: $818,000

Purchased off the MLS. Full renovation down to studs. Reconfigure 2 non-permitted rooms into a large master bedroom. Roof needs to be replaced so we will raise about a foot to increase ceiling height. We are going to install more windows and replace all existing windows. Estimated project expense $200K. Projected sale price ~ $1.2M.

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

We just sold our most recent Flip in San Francisco. We are currently doing 1 flip at a time, but ready to step it up and do more concurrently.

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

I have access to RETS(MLS) because my wife is a real estate agent. I wrote a script that finds below market homes. My wife said she was going to Lafayette to meet a client, so I said you should stop by this property that popped up on my script. She saw it, called the listing agent. The listing offers were due in about 2 hours, so we quickly put an offer together and submitted. There were about 8 other offers.

How did you finance this deal?

Cash

How did you add value to the deal?

This will be a full renovation, everything will be touched including new roof.

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

Real estate agent is Trang Dunlap, Intero Real Estate