As a South Orange County Realtor specializing in coastal OC Real Estate, I once in a while come across properties with excellent fix and flip profit potential. I’m always on the lookout for my flip clients for potential money cow’s, but lately I have been seeing more value than usual on these fixers that hit the market.
Just the other day I was planning a route to show a list of properties to one of my buying clients when I discovered an REO listing where the photos and description did not do the home any justice. This home just so happened to be listed in one of my favorite gated communities in Laguna Niguel, Coronado Pointe and seemed to be very well priced. As my investment alarm sounded in my mind I went in for a closer look and confirmed it was on the ocean view side of the street. I quickly pulled some comps and it was priced approximately $450,000 under the last sale this year on the same street. I added it to our list for showings for the day and suggested to my client it may be a good deal and well worth taking a look at even though a fixer was not part of her original criteria. As my client enjoys my Real Estate tours she agreed it would be interesting to take a look as it was not out of our way, So we did.
This particular home was one of those typical bank owned listings in a excellent neighborhood that had minimal highlights in the property description and photos that would make all the difference to get the attention it deserves. In need of some minor repairs and some imagination to turn this ugly ducking into a swan I contacted my investors but unfortunately they all had projects they are working on at the time.
This is a call out to anyone that would like to be added to my list of investors to call on future finds like this. “Or this one”. The asking price was $1.1m and the recently sold comps were in the 1.5 to 1.6m range. The 3,300 sqft house on a 11,500 sqft lot needed new carpet, a leaking window repaired, new flooring down stairs and paint. I’m estimating $50 to 100k to make this ocean view home shine in this out standing gated neighborhood.
Please give me a call on my cell 714 642 1616 if you would like to be notified when I come across these type of properties. Coming from the construction industry I can pickup on and identify easy fix and flip properties that make sense.
Brett Dalbeth
Toll Free 888-399-4844
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