Why buying a house on a busy st. can make you Profits!

[Mike Quin]

Investment Info:

Single-family residence fix & flip investment in Sunnyvale.

Purchase price: $975,000
Cash invested: $1,242,000
Sale price: $1,601,000

We flipped a house 1670 S Wolfe Rd on a super busy street in Sunnyvale.
Basics: We purchased an outdated creepy small house next to Apple.
We received permits from the city to build a master suite with a full bath & walk in closet.
We added square footage & did a full gut job down to the studs w/new mechanicals, bathrooms, kitchen, etc.
The project time: 7 months from purchase to resale.
We purchased it In Mar2019 for $975k & successfully sold it for $1.601m on 12/9/19.

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

It was stupid cheap, only $975k (which is cheap for Sunnyvale)

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

From a wholesaler. We had money, they liked us, so we did business 🤑

How did you finance this deal?

Our money/hard money.

How did you add value to the deal?

We added square footage/master bedroom along with a full gut rehab.

What was the outcome?

We made fat Juicy 🍑💦 Profits! 

Lessons learned? Challenges?

Even busy streets can make you money if you buy right.

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

Myself & my partner who's a licensed GC.