All Forum Posts by: Michael Nugent

Stephany

Thanks so much! 

Investment Info:

Single-family residence fix & flip investment in Riverside.

Purchase price: $240,000
Cash invested: $308,000
Sale price: $367,000

This newly rehabilitated home offers an incredible opportunity live in a wonderful home & build up to 3 units as per its multiple-unit zoning. 2be/1ba.

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

The large lot and zoning being multi-unit motivated me to purchased this sfr.

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

Whole seller

How did you finance this deal?

Cash

How did you add value to the deal?

Complete renovation and added modern feel and sleekness. Added lost of concrete drive way. Made it very private be adding 90% black mesh around the pre existing and ugly chain link fence and segmented part of the front of the lot by building a wooden fence. New roof and HVAC were also key factors. The kitchen was a BOOM by enlarging it and making it an open concept with light colors to add space. Built a 4' block fence on the front since it is a high traffic street to add a sense of protection.

What was the outcome?

Sold during the 1st open house and it yield an unexpected and much higher ROI

Lessons learned? Challenges?

Lessons:
1. Always hire someone to house-sit when rehab is on a major trafficked street.
2. Rent one of those 6' protection chain link fence, it will keep the onlookers away and will eliminate people dumping trash on your site.
3. Always stage

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

Nope

Investment Info:

Single-family residence fix & flip investment in Riverside.

Purchase price: $240,000
Cash invested: $308,000
Sale price: $367,000

Welcome to the Tyler Beauty Project in Riverside Ca. This newly rehabilitated home offers an incredible opportunity live in a wonderful home & build up tp 3 units as per its multiple-unit zoning, which was double checked and confirmed at the city planning department. The main house is a 2 bedroom, one bathroom, 1 car-garage attached with new shingle roof, new windows and doors, new stucco, new extensive drive-way, porch and patio, new wood fencing, new epoxy garage with remote garage door for you to enjoy. Let the fuzziest buyers come through this stylish looking residence with tasteful wood laminate flooring throughout and Spanish tiles flooring in the bathroom. The kitchen was design to love with plenty of counter space, storage and all stainless steel appliances are included: Refrigerator, microwave, stove & oven and dish washer. The cabinets are self closing and have white Quartz counter tops and white-crystal back-splash tiles. Bedrooms have ceiling fans with lights and walk-in closets. The bathroom has modern gray on white vanity with drawers, walk-in shower & gray subway tile with shampoo and soap inserts...all this covered with a brush nickel frame shower door. You will love the 5 inch brand new baseboards around the house and the crown molding in the family room. The lot is completely flat & gated. The front has a beautiful custom made rod iron framed wooden gate. Home has a working HVAC system and a water heater outside. Come and see it. You will love this one.

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

The large lot and zoning being multi-unit motivated me to purchased this sfr.

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

Whole seller

How did you finance this deal?

Cash

How did you add value to the deal?

Complete renovation and added modern feel and sleekness. Added lost of concrete drive way. Made it very private be adding 90% black mesh around the pre existing and ugly chain link fence and segmented part of the front of the lot by building a wooden fence. New roof and HVAC were also key factors. The kitchen was a BOOM by enlarging it and making it an open concept with light colors to add space. Built a 4' block fence on the front since it is a high traffic street to add a sense of protection.

What was the outcome?

Sold during the 1st open house and it yield an unexpected and much higher ROI

Lessons learned? Challenges?

Lessons:
1. Always hire someone to house-sit when rehab is on a major trafficked street.
2. Rent one of those 6' protection chain link fence, it will keep the onlookers away and will eliminate people dumping trash on your site.
3. Always stage

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

Nope

Wow man! This is so inspirational! and you are so young which makes it even better. Congratulations on your success and thanks for sharing the progress. If you are ever in Riverside, Ca. let me know to get together for dinner and drinks.

Investment Info:

Single-family residence fix & flip investment in Riverside.

Purchase price: $285,000
Cash invested: $103,000
Sale price: $425,000

Beautiful Craftsman home in the Wood Streets. Sellers put a lot-of-love in this one rehabilitated home. Enjoy a very long paved driveway and a larger than average lot...perfect for a swimming pool. The garage has a workshop wrapt around precise for your toys. You also have the option to make it an outside office for your business. The interior of this residence was tastefully renovated with the most demanding buyer's needs in mind.

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

I became interest in this deal because #1 I loved the area, #2 was very close to my home and #3 there was some money to be made fast.

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

I purchase this deal through Western Acquisitions in Corona, Ca. They are whole sellers, and they found me. I paid the asking price.

How did you finance this deal?

I obtained a hard money loan for $245,000.00 at 10% APR for 12 months fixed and paid 3% plus $800.00 in other fees. "Not the best terms"

How did you add value to the deal?

We "rolled" the dice on this one by adding high-end features, upgrading all systems, converting a bedroom into a master bathroom and closet, converting a sun-room into an office and tastefully combining all the modern features while conserving the integrity of the building, it being a craftsman home built in 1920.

What was the outcome?

It was positive: We sold it immediately after we listed it and closed the deal in only one week.

Lessons learned? Challenges?

Budget for the worst and do not wear the sub-contracting hat if you are not experienced on the actual work required. Instead of sticking to one crew who was charging me an arm in a leg on an already slim deal; I decided to hire people in different trains individually forcing me to micro manage and purchase all the materials. Home Depot became my 2nd home for almost 2 months. There were many challenges involving the crew in charge of completing the project.

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

I handled the deal myself as I am also a licensed realtor. I used a very speedy and efficient HM company named Secured income Group, Inc. out of Tustin, Ca. www.securedincomegroup.com even though it costed me a pretty penny to finance the flip; this lender came through and lend me the money in only 2 days time. I would highly recommend them as long as you have a nice margin on the deal.