Riverside, Corona - Ca. FLIP in SIERRA DEL ORO

[Michael Nugent]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $392,500
Cash invested: $458,800
Sale price: $535,000

A GREAT OPPORTUNITY TO OWN A HARD TO COME SINGLE-STORY HOME WITH VIEWS IN SIERRA DEL ORO. 3-BEDROOMS, 2-FULL BATHS, 1,300+ SQUARE FEET OF OPEN LIVING SPACE, PRIVATE LAUDRY ROOM, STORAGE SPACE, 2-CAR GARAGE ATTACHED AND MORE! COME SEE THIS HOME TODAY TO APPRECIATE AND ENJOY IT. MAKE THIS YOUR LITTLE PEICE OF HEAVEN HERE ON EARTH. HOME HAS IT ALL. NO HOA HERE.

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

The location, view and fact it was a single story...in that order.

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

An agent in my sphere of influence. Just a little room for negotiation as price was almost right, plus paid an agent a finder's fee and picked up all the escrow fees.

How did you finance this deal?

Paid cash

How did you add value to the deal?

Total cosmetic rehab, removed a wall dividing the living room from the kitchen to create an open lay-out.

What was the outcome?

Received multiple offers, ended up going with a VA couple who offered $15K over listed priced and it appraised. ROI was 12.5% in 43 days time from beginning to end.

Lessons learned? Challenges?

Always always be respectful of the neighbors surrounding your flips. I went around and knocked on 6 of my next door neighbors to explain I was the new owner and to apologize in advance for the noice we were about the make. Everyone was very appreciative of it and made some good connections.