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need buyer for property at 45% in CA

Posted on: Fri, 01/04/2013 - 07:34
need buyer for property at 45% in CA

The property is in Woodland Hills, CA.
It is a burnt house and the price is $450K (which includes my assignment fee), free and clear.
Repairs are estimated in $200K.
Last sale price before fire was $920K (2006)
Already have all the permits and plans, which include remodel adding approx 1000 sqft, so it's ready to start working on it.
Please contact me if you're interested in receiving more information.

Thank you,

__________________

Max Palacio


Posted on: Fri, 01/04/2013 - 09:19 #1
Max

seems like a Winner

You should be able to unload this quickly

Best
Mike

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


Posted on: Fri, 01/04/2013 - 13:27 #2
I may have a buyer for

I may have a buyer for this...


Posted on: Fri, 01/04/2013 - 18:15 #3
Hello Jevon, Thanks for

Hello Jevon,
Thanks for contacting me.
Please let me know how would you like to move forward.
Regards,
MP

__________________

Max Palacio


Posted on: Fri, 01/04/2013 - 19:13 #4
2006 sale price is

2006 sale price is irrelevant. What is today's ARV?


Posted on: Fri, 01/04/2013 - 19:44 #5
ARV is 900K+

ARV is 900K+

__________________

Max Palacio


Posted on: Fri, 01/04/2013 - 20:00 #6
Property in Woodland Hills

Property in Woodland Hills has declined about 30% since 2006. 900K+...Is that with the 1000 ft addition? Is the addition factored into the $200k repair costs. What is the existing square footage?


Posted on: Fri, 01/04/2013 - 20:29 #7
Thomas, Thanks for your

Thomas,
Thanks for your reply.
After remodel, the house will be 3,100+ sqft. It is located on a cul de sac, and the back of the property is on a hill so view is 180.
According to local RE agents, the house repaired with it's current floor plan (2,600 sqft) would easily sell for $750K. With the remodel we would be adding 2 beds/1bath, so the price would come up to $900K.
A contractor visited the property and estimated $200K in repairs. Regardless, if you are interested, we could visit the property and you can get your own assessment.

Regards,

__________________

Max Palacio


Posted on: Sat, 01/05/2013 - 00:28 #8
$750k puts it at 87% of ARV

$750k puts it at 87% of ARV - repairs, thin by most standards but deals are getting done at those numbers in So Cal these days. Good deal for an agent/rehabber who could pick up some extra coin on the commision on the sell side.


Posted on: Sat, 01/05/2013 - 08:41 #9
Thanks for your

Thanks for your input.
Actually, the square footage after remodel is 3,700 (just got plans from owner)
5 beds + 1 bonus room
4.5 baths
This puts ARV over $1M, so being the investment $650K, marging is 35% (off the charts for So Cal standards these days)

__________________

Max Palacio


Posted on: Sat, 01/05/2013 - 09:15 #10
So the $200k in repairs

So the $200k in repairs includes the 1000 sq ft addition? How much to repair just the 2600 original sq footage?


Posted on: Sat, 01/05/2013 - 09:29 #11
I would visit with my own

I would visit with my own contractor, but this is what I got from owner's contractor:
$200K for 2,600 sqft
$250K for 3,700 sqft
Please have in mind that all permits and plans have already been approved and paid for.

__________________

Max Palacio


Posted on: Sun, 01/06/2013 - 21:02 #12
Max, I PM'ed you

Max, I PM'ed you


Posted on: Thu, 01/10/2013 - 19:41 #13
Just PM'ed You

Just PM'd you a possible contact that buys / rehabs in So CA.

I'm assuming the property is still available?

- Tom


Posted on: Mon, 01/21/2013 - 00:03 #14
?

So what happened with this deal?


Posted on: Mon, 01/21/2013 - 19:23 #15
Update?

Yes, I'm curious too. Is this property still available Max, or what happened with the deal?

Thanks,

Tom