All Forum Posts by: Rebecca Raskind

Investment Info:

Single-family residence fix & flip investment in Hollywood.

Purchase price: $1,500,006
Cash invested: $398,000
Sale price: $2,514,000

For our first flip property, my husband and I renovated a mid century modern home in the Hollywood Hills. We kept the bones but revived the property with stylish, modern finishes all while nodding to the original Mid-Century vibe. The end result was a gorgeous property that was warm, stylish, and unique and immediately attracted the right buyer.

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

Through a stroke of luck and relationships, we happened upon a 1960 fixer property in the coveted Outpost Estates neighborhood. We saw the home the same day it went on the market and made an offer the next day. We closed fairly quickly but did have significant credit negotiations during escrow. Our agent was also the listing agent.

How did you finance this deal?

We teamed up with a financial partner who purchased the home and funded a majority of the renovation. She was actually the same person who brought us the deal through her real estate agent once she saw he had a fixer listing since she was aware of my interest in reviving a property to sell.

How did you add value to the deal?

My husband and I brought in the contractor team, managed the project, made design decisions, sourced materials, created brand partnerships, etc...

What was the outcome?

This project was a huge success to say the least. After a few days of off-market promotion we received two offers both at our dream number and closed escrow 15 days later. This property never even made it to the MLS!

Lessons learned? Challenges?

1- It's important to have a good relationship and communication with your contractor.
2- While it may take more time up front, planning as much out in advance as possible in terms of design would have saved several headaches.

Hi there, 

My husband and I have renovated two live-in properties and are embarking on our first real flip. We have a partner/investor who found the property and will be funding the purchase. My husband and I will be funding and managing the renovation. We are splitting the profit after all costs 50/50. 

What is the best way to go about structuring a flip with a financial investor? 

Is it ok if the financial partner is the only name on the title? 

Do we need to form an LLC?

This was a last minute opportunity and we have a quick 10-14 day escrow. If we don't have time to form an LLC before escrow closes can it be changed later?

What type of elements need to go into a contract between investors? 

Thank you so much in advance! We are all very excited about this, but I want to make sure we are protected. 

Rebecca