Attorney relationship pays off!

[Henish Pulickal]

Investment Info:

Single-family residence fix & flip investment in El Cajon.

Purchase price: $380,000
Cash invested: $105,000
Sale price: $599,900

Single level 4 bed 3 bath home. This home offers a open floor plan,a nice breezy backyard. Great for a growing family. Huge 16,000 sqft lot with views, additional bonus room underneath the house about 300 sq ft.

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

These are the types of deals I do!

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

A probate/trust attorney referred this client to me. The seller wanted a simple, no hassle, cash offer since he inherited the home and lived out of state. Seller actually got an offer from another investor for $20k, but he said he didn't like/trust the other investor, so he sold the house 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?

Property sold and we got full asking price.

Lessons learned? Challenges?

The former owner converted the 2 car garage into an in-law suite with full bathroom. We struggled with converting it back to a garage or leaving it as a livable unit. In the end, we kept it as a livable unit since there was ample driveway and street parking.