Arleta Ave,San Jose Rehab Deal
This was very first real renovation project. Purchased from the MLS. 110 year old house. 2 bd, 1 ba, 872 sq ft, 4000 sq ft lot. Very interesting rehab. Took about 16 days of construction, 73 days closing-to-closing hold time.
Rehab Details
| Property City: | San Jose |
| Property State: | CA |
| Purchase Price: | $346,000 |
| Repair Costs | $45,000 |
| Holding Costs: | $19,000 |
| Sale Price: | $442,000 |
| Gross Profit: $32,000 | |
Project Details
Financing Details
This house originally listed on MLS for 450k in Jan 2013. Hit out funnel again in feb with 51k price reduction. It grabbed our attention and we offered 350k with 80% seller financing at 4% interest rate (interest only payments). Final price of 346k after further negotiations. Rehab cost was funded by out private investors. We love our private investors.
Rehab Details
All floors, Kitchen, Bathroom, Paints in-and-out, landscape, few small issues with plumbing and electrical.
Finding the Buyer
This was listed on the MLS but the buyer actually came from a real estate networking event that I had gone to a few weeks ago. The buyer was big into buy and holds of this size. She was capable of closing with cash but she did a traditional 50% loan and closed in about 25 days.
Retrospections and lessons learned
This being the first renovation project, there were a lot of gained experience to help with the upcoming projects.
Shout Outs & Testimonials
Thanks to Team Apace, our Private lenders, local FB investors and Fortune Builders. They all have been a great part of the success of this project.
Before & After Photos
