Vista Way was a foreclosure purchase in Riverside County. I ended up buying this one through the listing agent for the bank. While it was sitting vacant prior to me coming along some kids got in, broke some water pipes and flooded the bottom floor. The bank removed the drywall and left it that way.
We came in with an all cash offer and picked this gem up on the cheap. I was originally going to keep this house as a rental however shortly after buying it we found out my wife was pregnant with our first kid so we figured it would be best to sell.
What made this rehab fun was after completing the job a worker made an honest mistake that resulted in a bottom floor flood. We had to turn around and do the exact same rehab a second time! This house is living proof that you make your money when you purchase a property, not when you sell it. After having to repeat the same job, almost doubling the original repairs budget we still made $19,000. We were in and out of this one in 4 months.
Purchase Price: $99,900
Repairs: $12,000
Holding Costs: $1,300
Selling Costs: $14,500
Sales Price: $145,800
Profit: $19,000
Here is a slideshow of the before and after pictures.
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It appears that you know exactly what you are doing. I see many investors in your future.
ReplyDeletecbeatty