New Rehab Property in Atwater Village!
This property was listed on the MLS and brought to my attention by my great agent. I turns out that someone way out in Tampa, FL had negotiated with the bankruptcy court and lender to release this property for sale. He then listed the property for sale once he got his approval.
This property is in horrible condition: rats, huge roaches, piles and piles AND PILES of junk inside and out. We’ve been working on the property for a week now and we’ve cleaned out everything and have finished all the demolition. Now the fun part starts!
For all you numbers people, here’s the breakdown:
Purchase Price: $350,000 | Repairs: $69k | After Repair Value: $560k
We borrowed 65% ARV hard money (3.5 points, 12.5% interest) and used a private money partner to bring in the down payment and rehab money. My private money partners have invested with me before so they were happy to do another rehab with me! 🙂 They get to earn a super return on their money, while both of them are working in other jobs full time.
I’ll keep posting pictures as we go along!