A partner and I purchased a series of single-family homes and condos in Los Angeles. Our goal was to fix them up and re-sell at a profit.
What I Did
After negotiating the purchase of each property, I put together and ran a crew to go through each house/condo. We cleaned them up, painted the interiors and exteriors, and made cosmetic modifications that we determined would give the biggest bang for the buck. I then listed the homes, negotiated and closed the sales.
We bought, fixed up, and sold nine houses and three condos over an approximately two-year period. We made a profit on each one, although on the house we put the most into we made the least profit. I learned a good lesson on that one – don’t fall in love with the project. In hindsight, we got a bit carried away in making it “nice” and found out that our ideas of “nice” were not the same as buyers’.