Start to finish in 26 days!
922 Hereford Way, Perris CA 92571
We closed on a project a few weeks back that went 26 days from the time we owned it to the time we resold it! Now I can understand your thinking, OK, maybe the home was turn-key, maybe they already had an end buyer lined up, or maybe they did premarketing on it prior to owning it.
Well all of the above guesses would have been incorrect! The home needed $20,000+ in work, it was boarded up, dead landscaping, graffiti, no garage doors, no water heater, needed paint, flooring, kitchen repairs, had a substandard city lien, etc. We rehabbed the home in less than 2 weeks start to finish, listed it, and had a buyer within a day, full list price, cash escrow, closing in 10 days!
Now let’s recap. We bought a home with a substandard on title (we were aware of this prior to ownership), needing a full remodel, and not only did we get the lien removed, get the home rehabbed, and get it closed in under 30 days, but we did this in what news anchors and journalists everywhere are calling a “Down Market”, A “double dip recession”. I could go on and on.
The funny thing about this project is we had multiple people pass completely on this project stating “the area isn’t the greatest” and “it needs too much work”. But here we are, less than a month later, on a home we paid $190,000 for, that we resold for $270,000! I am sure you can do the math and determine it was a great project!
The bottom line here is that we have been doing this for a combined 40+ years. We hand pick only the absolute best projects. Some take 30 days. Some take 90 days. But in the end, we only put our expertise and name behind GREAT projects! This one happened to be one of our best projects of 2010!
We are slowly gathering steam heading into the last quarter of 2010; we have about a dozen projects in various stages right now, from pre acquisition, to rehab, to active and pending projects. We are closely monitoring the market trends to ensure we stay one step ahead of the competition.
If you want info on the project mentioned above, I will be happy to send you before & after photos, along with an MLS sheet and title confirmation on the resale.
I will end with this. You may not always love an area. You may not always love the home itself. But the key to being successful is to look past your personal preferences on the home and area, and look at factual data. Look at active and sold comps. Look at market trends. Look at demographics. Who will you be selling to? What is the competition doing in terms of rehab? Go check out competing listings! Drive the neighborhood, do your homework! Don’t let personal emotions get in the way of a great flip project! BEFORE AND AFTER PHOTO BELOW, ENJOY!
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