The ORANGE door: Riverside, Ca.

[Michael Nugent]

Investment Info:

Single-family residence fix & flip investment in Riverside.

Purchase price: $292,000
Cash invested: $355,000

Cool SFR at 1450 sqft of living area 6900 sqft lot, 2-car garage attached, 3 bedrooms/2 baths built in the 1960's.

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

I know this geographical track of homes very well. I use to live near-by and knew I could make it a nice ROI for the right price and renovation approach.

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

I found it on the MLS (multiple listing services) where all realtors list their new listings.

How did you finance this deal?

Cash

How did you add value to the deal?

Big cosmetic rehab. New windows, doors, floors, bathrooms, paint in-n-out, fence, sod. We knocked a wall out in the kitchen to make it an open concept lay-out. We also added a closet on a separate & good size living area. This would give the future buyers the option to use it as a 4th bedroom and just a multiple function area. I also removed an ugly tree which covered the home laid a lot of concrete and widen the driveway this simple move gave the house an A+ curb. I also painted the door orange

What was the outcome?

The rehab took 3 weeks and was able to stage and market it the 4th week. It went into escrow 6 days later with multiple offers.

Lessons learned? Challenges?

Adding a closet or storage room into an empty room is a great idea. Also, dare to add some color! We did painted the exterior of front and rear doors. We obviously looked around for tasteful front door colors 1st and tied it in with the decor. It was a true winner. Everyone loved it!!!

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

I represented myself on this one by crediting my entire commission back to the seller and paying for the escrow and title fees. It was listed for $350,000.00 and seller took my offer for $292,000.00 We are scheduled to close on 11/28/19 at $415,000.00 This one is paying us a 10% REI in only 7.5 weeks.