Completed Flip in La Mesa

A few months ago we took on a project to flip ourselves. Although I am in the hard money business and don't really take on many flips, when a "home run" property comes up, I can't help myself but to latch on to it (this was one of those deals).

The property was purchased for about $370,000, we put about $70,000 or work into this place. The property went on the market for $650,000 about a month ago and is in escrow now. 

I'm going to keep this blog posting short because the last one about this property was fairly long winded. 

Please see the completed pictures below; 

Flip in Escondido

This is a completed flip that is currently on the market. The property was purchased by the borrower in the middle of February and was flipped in 45 days. The property has now been on the market for 30 days and has a few bites.

Purchase price                 $155,000
Loan Amount                   $110,000
Sales Price                       $250,000
Interest Paid to investor    11%

This property would rent for $1,700 - $1,800 if it would be on the market as a rental. After $115 for taxes, $170 for property management, this property would net $1,415 per month. On the original loan amount of $110,000, this gives you an annual return of over 15%.

Take a look at the before and after pictures;