First flip in Sacramento, CA

[Khang Tran]

Investment Info:

Single-family residence fix & flip investment in Sacramento.

Purchase price: $153,000
Cash invested: $50,000
Sale price: $290,000

House info:
3/2 1000sqft. 2/1 main house with a 1/1 detached unit. My first flip! House was in terrible condition upon purchase with these problems:
*Foundation needed to be updated/replaced
*Beetle damage
*No kitchen
*No flooring
*ADU with no bathroom, kitchen and uneven slab.
*Cracked concrete driveway and no roof.

Originally planned to BRRR this property and would have done it if the neighbors were not so terrible.

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

The learning experience. I wanted a house with all the major problems (roof, foundation, pest, concrete) to learn how not to be afraid of these.

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

Found it through the MLS and my real estate agent.

How did you finance this deal?

cash

How did you add value to the deal?

rehab the property

What was the outcome?

Got what I wanted out of the deal minus the bad neighbors.

Lessons learned? Challenges?

Learned a lot of the construction side of rehabing so not afraid. Multiple thefts and numerous police calls involving suspected drugs led me to believe this property would be a nightmare to manage so Id id not keep to rent.

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

Real Estate Agent: Nancy Wong in Sacramento is very knowledgeable

[Khang Tran]

Originally posted by @Bonifacio Capuyan:

Wow great job. When you say you funded it with cash was this your own personal money, private or hard money? I live in Norcal and would like to start flipping / investing in my state.

It was my own personal money. Though now that I own a couple of rentals and am working on a second flip, I have been able to come across private money from friends and family who are interested in working with me. Part of the learning curve right now for me is setting up an LLC and establishing a securities company so I can take investors who aren't friends and family that have shown interest.