Pasadena 15 miles south of LA.
Rene De La Paza - realtor and investor
Flip: a foreclosed condo unit in a nice older 84 unit building. Looks as if the owner was trying to renovate and then ledt the country and her teenage kids in the unit. The kids lived in the unit with their dogs and a couple of friends but after 3 months of non payment of the mortgage the bank forclosed. Being in the biz Rene got the scope and paid $275,000 for the unit. It is 900 sf, 1 bedroom and 1 bath. Budget of $8,000 - $10,000 and 3 weeks to renovate.
Rene spends the first 2 days demoing all by himself and is a bit pissed at the mess the kids left, lots of dog poop. He gets rid of the closet organizer temporary kitchen cabinents. The previous owner had already installed a new tub and toilet, a really nice stainless steel stove and dishwasher. Unfortunately Rene loses his contractor but manages to get another one and with another helper and himself they manage to get the work done and Rene learns how to tile. Rene has recessed lighting installed in the living room, kitchen and dining area. New dark custom cabinents in the kitchen, a neutral tile, 18 inches, in the kitchen, dining area and bathroom floor. He put in 12 in tile for the shower surround and had it put in all the way to the ceiling. Nice touch, very classy. He also puts in granite counter tops that pick up on the tile color, a stainless steel sink very nicely done kitchen not too much. He carpets the living room and bedroom. Tiles the balcony/patio which in an older building covers the cracks in the concrete and adds the flavor as if the balcony is an extension of the unit. He also puts in a ceiling fan with a light in the patio ceiling and adds dark (like the kitchen cabinents) bamboo blinds to add some privacy. Very nice touch. He also add tile to the fireplace and puts in a new tile hearth again echoing the neutral tones he has used in the tile in the kitchen and bathroom. I really like the new vanity he added to the bathroom, it has storage space and looks expensive and the new mirror. He took out the old inserted side medicine cabinent but let the drywall area so a future owner can put in a medicine cabinet or simple use it to store some small items. Rene did not add any overhead lighting to the master bedroom and the huge wallin closet is bare but the realtor suggests that Rene give the new owner a credit to they can install a closet organizer of their choice.
There was a problem with the plumbing as they dumped the excess grout from tiling down the bathroom drain and there was a backup and the downstairs bathroom was leaking and the owner came up to complain. They ended up cleaning the drain and there was a lot of hair stuck in the drain and they cleaning is all out and that really helped with the drainage. Rene also put in a great Rain shower head and a handheld shower head.
Rene was told that he could price the condo between $350,000 and $360,000 but he listed it at $345,000 for a quick sale and a projected profit of $60,000. Gee, I am amazed, a flipper who is not greedy and understands the market and the concept of a quick sale so as to not pay additional holding costs.
I really like what Rene did, he updated and did not overdo but the place looked great and very modern.