Karen Fukumura & Macy Cheung Rehab Deal

 

Karen Fukumura & Macy Cheung Rehab Deal

Bay Property Solutions, LLC in Oakland, CA

The property is a 2,221 square foot single-family home that resides in the highly sought after Piedmont Pines neighborhood of Oakland, CA. We were able to purchase this house through a realtor in a probate sale after it fell out of contract in early 2020. Realizing that the out-of-town agent and owner were motivated to sell, we presented a strong all-cash offer with no contingencies. Through our agents, we negotiated aggressively to a purchase price of $990,000, which was significantly under the $1,200,000 list price. In addition, we asked and received a $5,000 closing credit from our realtors since we had already purchased two properties with them in the past. The unique aspects of this house include views of the San Francisco Bay; an in-law unit downstairs with a separate entrance for multi-generational or tenant usage; huge private, terraced backyard and decks for entertaining; located in quiet cul de sac; plenty of off-street parking.We listed the home for $1,395,000, received multiple offers, and were in contract in 23 days. We ended up selling the home for $1,525,000, which yielded a profit of $150,000 to Bay Property Solutions!

Rehab Details

Property City: Oakland
Purchase Price: $990,000
Repair Costs $200,000
Holding Costs: $106,000
Sale Price: $1,525,000

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Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

We launched Bay Property Solutions when we joined FortuneBuilder’s Inner Circle in March 2019. We completed two flips in 2019, both of which were not profitable but were rich in learnings. The Fortune Builder’s program and team helped us achieve our first profitable flip through timely and candid coaching sessions, online training, and proven and practical tools. We leveraged the various components of the Fortune Builder system throughout the entire project. Of particular importance was the rehab estimator and SOW that we provided to the lenders; deal analyzer to help us assess potential profitability; 6 critical documents since this was the first time we used a general contractor to manage the entire project; and various checklists throughout the project.




Before & After Photos