Purchase Price: $185,000
Sales Price: $306,000
The Buena Vista project was one of our most severe transformations ever. This home was a probate sale and we had calculated that our ceiling purchase price would be $168,000. Even though we had been the highest offer another investor showed up in court on the day of confirmation who wanted it as much as we did. A snap decision and understanding the market; we hedged our bet, and paid a bit more for it and outbid the other investor. Had we not shown for the confirmationwe would lost this great property.
The house was originally owned by an elderly woman who appeared to be ahoarder (see the Flip House/ Buena Vista video below to see what it looked like before). The house looked like it had not been touched or cleaned in over 50 years…it was a mess!When we were done the home was fantastic with a great location and poised to sell. Not only did we receive multiple offers, but we also sold it for $19,000 over our asking price.
The kitchen was completely re-designed. In the bathrooms we were able to utilize the original cabinets and tile counters while incorporating in an updated decorative glass tile boarder, updated hardware, new lighting &framed mirrors. Being able to recognize what items can be reused with simply painting or adding new hardware is a huge money saver. Many times investors will go in and completely gut a home and it’s not always necessary. We were able to achieve the maximum market sales price of the home but increase profits simply by keeping some existing features.
Because this home is located in sunny Southern California and outdoor entertain is a big part of the California lifestyle we wanted to make sure we really played up the already existing covered patio area with built in fireplace. This area when we purchased the home, was nothing more than an eyesore, but by adding fabric panels and staging with a colorful outdoor rug, table and chairs and all the other accents it allowed the buyer to really be able to picture throwing a party in that space. Without a doubt this area (which many typical investors would overlook) really drove up the offer prices….and it was minimal effort and expense for us to do…a very nice trade off!