Our 3rd - The calm after the storm is SWEET!

San Haroldo Project #3

Our 3rd project came about before the 2nd project was completely finished. This one had the textbook flip written all over it, all the property needed was makeup and lipstick and it will be ready in a few weeks. Obtaining this property was fairly easy as we were exposing ourselves to the market through open houses and we constantly kept in contact with asset managers. Due to the nightmare timeline and busted budget from our 2nd project, we decided that we're going to find a different contractor, needless to say, easier said than done. After numerous bids, and about 10 contractors and handyman, we settled on one that we previously had done business with in the past. After we had gotten that out of the way, we made sure that our budget and timeline on this deal was down to the last dollar. As it turned out, it worked to perfection! Everything was done on time and within budget. When it came time to put the property on market for re-sale, offers started pouring in up until the day we chose the winning bid. It took nearly a week to settle in to an offer that we were comfortable with as we had plenty of offers to chose from. As a matter of fact, we had an offer before the property went up on the market. After a total of 1 month and 3 weeks, the property has been re-sold and turned over to the new owner who won the bidding war at $435k, $11k over our asking price!!!
Purchase Price: $297,000
Rehab Costs: $40,000
Re-Sale Price: $435,000
Once again, our due diligence, conservative valuation, and perseverance paid off on this deal with no hiccups or stress factor in our lives....sweet!

Purchase Date March 18, 2009, Close of Resale May 11, 2009. TOTAL PROJECT TIME: 1 Month and 3 Weeks.

Below is the BEFORE AND AFTER photos of SAN HAROLDO PROJECT #3