MVP Rehab Deal
This large home in Mill Valley, Marin County is 4 bd, 4.5 bath in a very desirable location with the view of the mountains.
Please Check out MVP Progress History Page: MVP -Progress History
Rehab Details
| Property City: | Mill Valley |
| Property State: | CA |
| Purchase Price: | $915k |
| Rehab + Other: | $319k |
| Money Cost: | $51k |
| Sale Price: | $1237500 |
| Gross Profit: | – $47500 |
Financing Details
We used a combination of Hard money, personal funds and private investors to fund this deal. Our private investors lend against promissory note for a very good return.
Rehab Details
We put all high end finishes and sizzle features. Hardwood Floors, travertine tiles, motion sensor lights & faucets, dimmers, under cabinet lights, the list goes on… The house features 3 en suite bedrooms, one being the master suite with frame-less glass showers. First floor features Kitchen, Powder Room, Dining Area, Family/Living room and opens in the large patio/deck overlooking the valley and partial view of the ocean. High end kitchen, with granite counter top, Kitchen Aid appliances, island, built-in water purifier.House also features a secondary unit that can be used as an in-law unit or rentable space for additional income.
Finding the Buyer
The property was put on local MLS. It took longer than anticipated to sell. The house was very nicely staged. There was a market shift happening at the time of sale. After 3 months we did get a few offers and got in contract that went to close.
Retrospections and lessons learned
1. Rehab projects are best managed if it is local to the base location. Long distance projects are hard to manage and multiple items go wrong and becomes hard to fix later on. It becomes costly to re-work at later stages.
2. Finding a good contractor in an area will no or low experience poses a challenge too. Local contractors, if they figure out that you are out of area, will try to take advantage of situations. If you take contractors from your base area, they spend most of the work time driving and the productivity is very less.
3. In an area that you don’t have experience in, it is best to study how the Real Estate bought/sold and follow the market trends. After the proprety did not sell for couple months, we did hire a local agent and she was able to sell it within the next couple of weeks.
Shout Outs & Testimonials
Thanks to Team Apace, our Hard Money and Private lenders, local FB investors. They all have been a great part of the success of this project.
Before & After Photos
Please Check out MVP Progress History Page: MVP -Progress History
