Details - Information last confirmed on March 25, 2021
This deal is too good to pass up. Off market.
5 bedrooms – 9 bathrooms – 11,616 sqft.
Purchase Price $6,500,000
Estimated cost of rehab - $400,000ARV
$9M for quick sale without extra lot,
$12M with lot, $18M with lot + ADU
Also, can develop extra lot for more profitThe subject property was a divorce/foreclosure bank acquisition. The owner who lost the property owed two adjacent lots, as shown in the picture on the next page. The house is on the subject lot. The adjacent lot is essentially the oversized back yard for the home. The two lots were taken back by two different lenders. The current owner of the adjacent lot is asking $2.5mm for the lot, cash offers only. Attempts were made to negotiate with them for the acquisition of the lot in conjunction with the acquisition of the house, but with no success. The subject property is being acquired substantially below market value. The existing lender is fire-selling the home due to the adversarial nature of the owner of the adjacent lot. It is a unique situation, and one where cosmetic rehab plus fencing along the lot line will allow for a quick turn with substantial upside to the purchase price. The bank that owns the home is not taking a loss on their original investment at the current sales price, and that seems to satisfy them.
I am direct this to this deal. Let's JV and make it happen!
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