Surprise renovation even after 2 inspections

[Tara Gann]

Investment Info:

Single-family residence fix & flip investment in Big Bear.

Purchase price: $166,000
Cash invested: $30,000

Located in 4 season tourist town, close to ski resorts, shopping and restaurants.
Completely restored with new electric, water heater, flooring and tiles.
When the home was purchased it was thought to be only cosmetic changes.
The electric was spliced in different areas and a new structural beam was needed.
There was also no insulation.

As a single mom on a set income from the veterans, 90% was done alone, including hanging, taping and mudding Sheetrock, the tiling and flooring.

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

I thought it would an easy flip in a desired area. The value increased within a month of purchase and if sold, I could walk with over $80k before expenses.

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

Drive by and offered 10k below since it had been on market for over 3 months

How did you finance this deal?

Veterans benefits

How did you add value to the deal?

If you saw the before photos...you would get it

What was the outcome?

It’s near complete and on market. I’ve had a lot of online views and a few in person showings
Along with people wanting weekend rentals for winter

Lessons learned? Challenges?

Everything can be repaired and it takes 3 times longer than your goal if you are going alone without crew

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

Not at the time. I have a new agent I’ll try before I recommend