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Updated almost 5 years ago,

User Stats

31
Posts
18
Votes
Henish Pulickal
  • Flipper/Rehabber
  • San Diego, CA
18
Votes |
31
Posts

Seller sold me his own home, then his mom's home a year later!

Henish Pulickal
  • Flipper/Rehabber
  • San Diego, CA
Posted

Investment Info:

Single-family residence fix & flip investment in San Diego.

Purchase price: $330,000
Cash invested: $69,300
Sale price: $507,000

This home features brand new flooring, brand new kitchen and stainless steel appliances, new carpet throughout the bedrooms, new fully finished bathroom, new exterior and interior paint. The home has an additional room right off the garage with its own entrance that can be used as a third bedroom, office, entertainment room, you name it. Large front and backyard to entertain your guests.

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

This is my bread and butter: treating people well and making win-win deals.

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

One of my field reps doo-knocked this seller a couple years ago and we were able to purchase his primary residence before he was foreclosed. The seller was so happy with working with us that when he inherited his mom's house, just 5 houses down the street, he called me first and sold it directly to me.

How did you finance this deal?

Credit line and private investor money.

How did you add value to the deal?

Full cosmetic remodel.

What was the outcome?

Buyers went crazy for the home and we received multiple offers. $500k in San Diego is an affordable home!

Lessons learned? Challenges?

I inherited a whole room of Elvis memorabilia. I spent far too long trying to determine if anything had any value. In the end I gave most of it away, including a Velvet Elvis that I gave to a former high school teacher!

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

Samantha O'Brien was a true professional and made the transaction smooth from the buyer's side!