Daly City Rocking The Overbids



If Dioworld thinks the exit price is crazy, this project couldn’t have possibly penciled out a year ago for the investor.

WQJ would you have taken it on if you knew these numbers ahead of time?


No. Made money. Remember my flip that I showed you in your visit? Similar timing and financials.


How much did he make? Are you assuming his money is free? Property tax alone is 12k.


I checked public record, he had a loan for $653k. Still made money even if debt payoff accounted for.


Yes, I would.


I think he still made 120-150k.
I’m just suprised people bought it for 1.45mil , that price at least should legalize the bonus room/kitchen


I’d like to see the math how he could make 120k…

Loan interests, labor, material, property tax, transaction fees on both sides… Took 9 months to finish.


And closed within four days too…must be all cash :fearful:


Math works out. Try it for yourself… :wink:


cheaper material. his loan interest and p tax is less than 35k. let’s make transaction fee 70k
362k -35k-70k. labor/material = 120k-150k
and maybe himself is a agent and painter who knows.


This is a lame flip. If market was flat, he would lose money.


Yup. Too much risk. No one expecting someone to pay 1.45 m in dc for 2 bdrm. He got lucky on that flip


I agreed that they got lucky. Again those rare sales set the market for 12 months down the road. I remember one or two random houses selling for 1.15M - 1.2M about a year ago and these days those are the norm.


A low inventory phenomenon. In Austin, such odd balls do happen but can’t set the tone for the market.


Not much profit, when you include carrying cost and agent fees


Agree profit is not over 100k


The 150k profit is after those cost was taken into account. But you are right, better to keep as rental if you have the money.


If your assement is 150k renovation fee, then their profit after all cost, mortgage, property tax, agent fees, staging , etc will be around 50k


No, redo your math.


Haha I did, you can post the numbers here. They bought for 1.088 means their closing amount is probably 15k more than that