All Forum Posts by: Nicole Holcomb

My experience is most of the "deals" on wholesaling sites aren't legit. I have inquired on many and there is always a catch. I think networking with other investors and brokers will net you better deals.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $810,000
Cash invested: $50,000

The previous owners of the subject property put a 1,200 sq ft second story on top of an already 2,200 sq ft 4br/2ba house with the plan to make a master suite upstairs. Health problems stoped them from following through with their plans and forced the family to sell. This property sat on the mls for months with no offers so I was able to negotiate it down $80,000 to a purchase price of $810,000. We turned the unfinished space into a $2,300/mo income generating 2br accessory dwelling unit!

@ Esther Min

I am a goal setter and have always done my best work under pressure. I think knowing I was going to be a mom gave me the motivation and determination to complete the reno before my daughter was born. I took on this project one step at a time and respected my limits on days that I wasn't feeling well. That being said I was up on a 20ft ladder painting the exterior of the house 71/2 months pregnant... I'm crazy determined and I wasn't going to let a baby bump stop me!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $640,000
Cash invested: $40,000
Sale price: $779,000

After completing 2 successful, quick live in fix and flips I bought my first property in my dream zip code. 5 days before close of escrow I found out I was pregnant, yikes! So my husband and I adjusted our plan to make this property a 2 year live in DIY fix and flip.

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

This was straight off the MLS, and needed lots of work that other buyers didn't want to do.

How did you finance this deal?

Conventional loan with a friend in on it for added borrowing power.

How did you add value to the deal?

This was a total gut job. We took down a wall to open the floor plan on the main level and reconfigured the upstairs to use some unfinished attic space for a master bedroom closet. We put in a new kitchen and 3 new bathrooms.

What was the outcome?

At the end of two years we had a beautifully remodeled home that sold easily when listed.

Lessons learned? Challenges?

Renovations are hard when pregnant! Morning sickness and fatigue slowed me down but we still managed to have the house done before the baby arrived.

Investment Info:

Single-family residence fix & flip investment in Carlsbad.

Purchase price: $425,000
Cash invested: $15,000
Sale price: $505,000

Cosmetic, DIY live in flip of a 1100 sq ft 2br, 2ba SFR.

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

My first two projects were condos and I wanted to move up to a SFR. This was the least expensive SFR in Carlsbad at the time.

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

This property sat on the MLS for over 90 days before I was able to negotiate the price down to $425,000.

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

New hardwood flooring and paint through out, painted the kitchen cabinets, granite countertops and stainless appliances. Full bathroom reno x2 with natural stone flooring and shower enclosures.

What was the outcome?

I struggled to sell this property, showing it every day for over 60 days with only lowball offers on my $495,000 list price. I decided to take it off the market and 2 weeks later an agent came to me with an offer at $505,000. This property took longer to sell that I had originally planned but it was ok because it was our home.

Lessons learned? Challenges?

Don't buy houses close to the freeway, they are hard to sell. I grew up living right next to the freeway so I genuinely did not realize what a deterrent the freeway noise was for most people. Live in flips are low risk and you can always continue living there until the market shifts or you find the right buyer.

Investment Info:

Condo fix & flip investment.

Purchase price: $195,000
Cash invested: $10,000
Sale price: $279,000

Cosmetic DIY live in flip of 1000 sq ft 1br 11/2ba condo.

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

This was my second project and after having success with a 2 year live in flip I was inspired to try for the real thing.

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

My husband's neighbor in his office complex mentioned they were moving across the country and selling everything, including their condo. I convinced her selling to us would be easier and a better value than listing on the MLS with an agent. The carpet was pink and there were hundreds of rainbow handprints all over the living room walls...

How did you finance this deal?

Conventional loan

What was the outcome?

New flooring and paint through out, painted kitchen and bathroom cabinets, granite countertops, stainless appliances, took down a wall to open up the floor plan.

Lessons learned? Challenges?

We pulled up the fluffy pink carpet to discover a cracked foundation, yikes! However we learned cracked foundations can be repaired relatively easily and for not that much money.

Investment Info:

Condo fix & flip investment.

Purchase price: $280,000
Cash invested: $10,000
Sale price: $340,000

This was my first real estate purchase and was a DIY live in flip. This project got me excited about real estate investing!

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

Short Sale on the MLS

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

New flooring and paint through out, took down a wall to open the floorplan, painted kitchen cabinets, granite countertops and stainless appliances, full bathroom remodel x2 with natural stone shower enclosures and natural stone flooring.

What was the outcome?

Sold to a cash buyer on the first day on the market.

Lessons learned? Challenges?

I love home renovations and design. I excel at project based work.

@Christian Aguirre, Works for me too!

What would everyone think about an outdoor meetup limited to 10 people? Alternatively we could try a zoom meet up.

@Kristen Lee it sounds like we are on similar paths. One thing I was considering was looking for a contractor to partner with. I was thinking I could cover the downpayment for the property and the upfront materials and permitting costs. While the contractor would pull permits, manage the build and cover the labor costs. What do you think about this strategy?