All Forum Posts by: 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.

@Cory Lucas

Hello Cori, I am a real estate agent in Southern California. I do have people that I know who I share a friendship with. I l

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $242,000
Cash invested: $291,000
Sale price: $350,000

Entry level single family residence with 4 bedrooms, 2 baths, 1150 sq. ft. of living area a 2-car garage detached and a 8000 sq ft lot. This was a cosmetic rehab which included the replacement of the HVAC with refurbished one, and all gas pipes, windows, floors, kitchen, bathrooms, paint and fresh sod.

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

The fact that it is a 4 bedroom at a great entry level price uf under $350,000 which we knew would make it fly off the shelves.

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

Found it through my own sphere of influence. We ended up paying a bit more as we had to go against a wholesaler.

How did you finance this deal?

Cash

How did you add value to the deal?

Total cosmetic rehabbed staging. We moved the laundry into the garage.

What was the outcome?

Listed it for $339,990, received multiple offers and sold it in only 3 days time for $350,000. We re making a cool $44,000 which is 6.7% ROI. I didn't use any of my money. I have a silent investor whom I offer 50% on the total revenue. So my personal gain was $22,000 for 4 weeks of work about 50 hours of my time.

Lessons learned? Challenges?

Always run a gas leak check on the property. Mostly on this older homes. It will save you time and money. Always use Simply safe for alarm system.

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

Nope

Hello Roman,

I personally specialize on working with sellers and some buyers in the IE (Inland Empire). My forte are the cities of Riverside, Corona, Norco, Moreno Valley, Fontana, Rialto, Redlands and San Bernardino.

If you are looking to buy and flip or hold; I would advise you to look into city of Riverside within the 92503 and 92506 zips. Those are HOT markets with entry level to High-end (92506) homes all within a couple of miles.

I personally stay at the entry level SFR since it's what moves fastest. Here you are realistically looking at an average ROI of 10%. I usually find my deals through a collaboration of the MLS (5%), wholesalers (30%), my own sphere of influence (50%) and direct mail (15%). Good deals are hard to come by and you better have your pricing down as far as REHAB costs.

The main problems (3 major ones) you will run into will be the high cost of material & labor (be very choosing with your next handy guy or contractor-they an either make you or break you), people breaking into your home (get tan alarm system for SURE!! Simply safe is a good one and affordable one) and finding a good agent to help you...there are so many rookies out there NOT really giving beneficial advise on how things REALLY work in these areas. 

Good luck to you and when you are in Riverside try to connect if you can. I have a very cool office in DT a short walk from the Mission Inn Hotel. 

Happy Holiday!!

Hello guys,

I hope all is well. Just wanted to stop by and wish you a happy holiday season. Let's see if we can reconnect and catch up on what you guys have cooking in real estate. Would like to introduce you to my wife as well. Take care!!! 

Thank you so much Nathan. I have already contacted them. I appreciated. 

Thank you so much!!! I appreciate the support. 

Hello Amy,

The city of Riverside is well known for the orange groves. So, the color orange is almost an insignia to this town. Additionally, we saw this color on a front door at a mid-century home in city if Orange and thought looked very attractive and calming so we went for it. 

Investment Info:

Single-family residence fix & flip investment in Riverside.

Purchase price: $292,000
Cash invested: $355,000

Cool SFR at 1450 sqft of living area 6900 sqft lot, 2-car garage attached, 3 bedrooms/2 baths built in the 1960's.

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

I know this geographical track of homes very well. I use to live near-by and knew I could make it a nice ROI for the right price and renovation approach.

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

I found it on the MLS (multiple listing services) where all realtors list their new listings.

How did you finance this deal?

Cash

How did you add value to the deal?

Big cosmetic rehab. New windows, doors, floors, bathrooms, paint in-n-out, fence, sod. We knocked a wall out in the kitchen to make it an open concept lay-out. We also added a closet on a separate & good size living area. This would give the future buyers the option to use it as a 4th bedroom and just a multiple function area. I also removed an ugly tree which covered the home laid a lot of concrete and widen the driveway this simple move gave the house an A+ curb. I also painted the door orange

What was the outcome?

The rehab took 3 weeks and was able to stage and market it the 4th week. It went into escrow 6 days later with multiple offers.

Lessons learned? Challenges?

Adding a closet or storage room into an empty room is a great idea. Also, dare to add some color! We did painted the exterior of front and rear doors. We obviously looked around for tasteful front door colors 1st and tied it in with the decor. It was a true winner. Everyone loved it!!!

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

I represented myself on this one by crediting my entire commission back to the seller and paying for the escrow and title fees. It was listed for $350,000.00 and seller took my offer for $292,000.00 We are scheduled to close on 11/28/19 at $415,000.00 This one is paying us a 10% REI in only 7.5 weeks.

Hello BP community!!! I am reaching out as I need your help in finding the BEST eviction attorney/service/advise in my neck-of-the-woods, which is Riverside California. This is my 1st ever eviction in nearly 20 years of being in the industry. 

A little back-ground: I am scheduled to close escrow on December 1st and the sellers have already left the house a week ago. Their wholesaler gave me a copy of the notice to quit dated 10/20/19 and the squatter was supposed to surrender the premises on 10/27/19 by 5:00pm which obviously didn't happened. This notice was served on 10/21/19 by a Deputy. So, the million dollar question is: What can I do next? I have not done much research about the mechanics of it just yet since I figure I ask this MILLION plus ocean of experts and professionals. So please please help me out with some advise or a good contact for me to reach out to.

Thank you so MUCH!!!!