The Fern Project In Redlands Ca 1920 Build

[Patrick C.]

Investment Info:

Single-family residence fix & flip investment in Redlands.

Purchase price: $442,000
Cash invested: $160,000
Sale price: $700,000

Old 1920 vintage home that has structural issues.

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

Was looking for a a challenge and this did not disappoint.

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

I found this deal from a wholesaler. Had under contract and tried to sell it for 550. He never walked the property and soon realized it has foundation issues. We could not come to agreement so i passed. A few weeks later it appeared on the MLS and i jumped on it since i already walked it and had my number in mind.

How did you finance this deal?

I used all my own cash.

How did you add value to the deal?

Opening up walls to make more of a open concept without losing the vintage touch.

What was the outcome?

Not the payday i was expecting but the experience was worth it.

Lessons learned? Challenges?

Dealing with vintage homes with giving new look with keeping old characteristics was a challenge for me.

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

Yes worked with Jamie Houck