Oceanside Fix and Flip

[Chris Parsons]

Investment Info:

Single-family residence fix & flip investment in Oceanside.

Purchase price: $430,000
Cash invested: $110,000
Sale price: $699,000

Bought as a foreclosure, did a complete upgrade on kitchen, baths and flooring.

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

This was our second fix & flip.

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

Used a local realtor.

How did you finance this deal?

VA financing, then used a HELOC for the upgrades.

How did you add value to the deal?

Home was very dated and just needed a complete upgrade throughout to make it an exceptional home.

What was the outcome?

Worked out perfectly. We initially were going to use a realtor who lived in the neighborhood and was an "area specialist" to sell. But when we brought him through he scoffed at the idea that we wanted to sell for $700k telling us that nothing in the neighborhood was worth more than $600k. We then reached out to our investor network and got an investor savvy realtor who successfully sold it to a cash buyer at $699k.

Lessons learned? Challenges?

This one went very smoothly with only minimal delays during renovations.