The Beautiful Swan

I wished we had documented the progress of this property a lot more.  But when you are in a project that is so massive such as this, the only thing you focus on is to finish the damn thing so you can move on with your life.  To be honest, it was so consuming due to bad contractors that we almost had to give up.  It has really been a labor of love. Initially, we've had nothing but a bunch of crappy luck with this property.  However, we stuck to it and our luck changed after we bought out our contractor/investor/partner at that time who wanted to just slap things together and kept on failing inspections because he thought he could just "outsmart" the city inspectors and get away with it. 

Well, after we bought out the contractor/investor/partner, we ripped out EVERYTHING he did and started from scratch to push the limits of design and construction for this property to take it to completion.  The amount of terrible contractors we had to go through, who OVER promised and UNDER Delivered, until we found the right one to get this one done was worth it.  Even with the "right" one, we had to closely manage them and fought tooth and nail to make sure they follow our instructions and designs.

Anyways, I am so glad we stuck to it and saw this one through.  It has been a rewarding experience and we are glad that our investor stepped  in to help us financed this deal.  This deal turned out so well that we decided to keep it and set up our office on the 1st Level and rent out the 2nd Level.

So here are the Final numbers:

1.  ARV (After Repaired Value):  $250K
2.  Purchase Price:                       $45K
3.  Repair Costs:                          $90K
4.  NET Equity:                            $115K

Until Next Time...