Looks well done. Bought for 961K last Feb. Sold for 1.8M. I love that part of Parkside. Close to @harriet’s dim sum joint and my kids’ favorite park.
I think the renovation costs about 300k. Plus 100k selling cost, flipper made $450k. No holding cost because was purchased all cash. Could’ve been multiple investors since owner is an LLC.
No need to compute lost of rent?
Good profit? Or no big deal? How come renovation costed so much?
Yes good profit. But taking too long. 300k is just my own estimate based on my personal experiences. Anything requiring structural additions/modifications costs a lot of money and time.
The Sunset is killing it!!!
Agree with wuqijun 300k is about right. They did a poor job overall though. Only thing nice were the Marvin windows and the wolf appliances
What did you expect? Top of the line materials?
I’ve worked in the past for flippers. The crown moldings are a way to cover some defects. Some materials will give away their strength or beauty after 4-5 years when the owners can’t ask for anything anymore.
Gee! They don’t even power wash ugly, stained driveways!
Part of the profit came from the flipping process itself, and part of it came from simply holding the property. If the flipper did nothing to it and just sell as it today, it would’ve netted a tidy profit as well without having to do any work.
May be higher in ROE, return on effort.
Personally my Motto in flipping is spend more to make EVEN more. Worse case I make less, but at least it stands out compared to the competitors. And have a better feeling about myself
That would be speculating
That’s fine but one must also keep in mind about the neighborhood. Tearing down a $300k fixer in Antioch and turning it into a million dollar manor is not the way to go. The trick is to put just enough money into it to make it stand out a little bit, but not overdoing it.
I’m probably not gonna go to that dim sum joint for a while…ate too much in Hong Kong.
Where did you go in HK?
Life is hard here…