Turned a 2/1 into a 3/1 in a tight market. Sold on a weekend.

[Jim Quaschnick Jr]

Investment Info:

Single-family residence fix & flip investment in West Sacramento.

Purchase price: $205,000
Cash invested: $25,000
Sale price: $315,000

Purchased from MLS was a reverse mortgage bank owned. Inside destroyed fixer.

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

House was beat up inside. Could see the possibility of adding a 3rd bedroom with in the foot print.

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

MLS - Bank Owned reverse mortgage. They would only accept asking.

How did you finance this deal?

Line of Credit

How did you add value to the deal?

Added a 3rd bedroom new kitchen bath flooring paint windows garage door floors doors and trim.

What was the outcome?

sold in a weekend over asking but buyer had challenges in financing so we assisted with $3,000 in closing costs and still sold at asking.

Lessons learned? Challenges?

City took 3 weeks to issue a permit. - called for a final they were in and out in 5 seconds proves that they are only asking to pay for a permit to collect dollars.

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

We worked with the Listing Agent we represented our selves.