California Hard Money Deal - Active

606

18 deals

No

Sacramemto

California

$330,000

$33,000

$66,500

$499,000

​This is a very straightforward Fix and Flip transaction. The seller has already completed the demolition of the bathrooms and kitchen, saving us time and money. The property needs a new kitchen, complete renovations on both bathrooms, and an enlargement of the master bathroom, which is currently a half bathroom, by giving an adjacent closet to it so that it can be transformed into a full bath with a shower. The property needs HVAC, new laminate flooring, tile, and carpet—interior and exterior paint and landscaping (hardscape, which we and our father do).
We have a very experienced contractor (he used to do renovations for Zillow back when they were flipping properties), and he not only offers very competitive pricing but ​c​an also complete this renovation in 6-8 weeks.
We plan to list it for 499k, which is equivalent to the highest comp in the neighborhood; however, this is a comp that was not renovated, and since we plan to use our European-influenced interior design, we are confident that it will have a wow factor that distinguishes the property from other renovated properties in the area and will therefore catch the attention of buyers looking for an updated property with a bit of personality. Our renovation budget is for a max of $66,500, including home staging (which we do ourselves since we have the inventory and skills).
We have been in the industry for 13 years​and completed over 36 projects between 2016 and 2023. Although the last 4.5 years were spent abroad in Spain, we always kept fixing and flipping, and we evolved from commercial to residential conversions while abroad, as well as more extensive projects and new construction. We are eager to get started with this simple project, and right after it, we are already negotiating our next one, which will be a new construction project in Sacramento as well.
We want to let you know that we are in the process of fixing our credit because after almost five years of having no local credit history, in my case, a score is not even showing up by any of the credit bureaus. In the case of my husband, Johnny, the score is in the low 600s because right before going abroad, we faced some financial hardships that affected our credit negatively. However, we were able to get back on our feet. Now that we are back home, we are working to improve that credit score.