Flip that Mansion – Latest Project

latest-flipThis deal was kind of confusing, so I did not mention it on the blog until we closed escrow, earlier today, just to make sure we actually got it.

This property isn’t even close to what we normally buy, it was built in 2003, it is over 4,000 sq ft and it has some very impressive upgrades.  We met the old owners today, by chance, and they mentioned they spent over $700,000 in upgrades in the back yard.  The appraised valued the entire backyard all about $40,000, that is so sad.

Some of the features, just outside:

  • Beach Walk-In to the Pool
  • Cave Spa (it’s actually under cover) with a waterfall that flows into from the roof
  • Bathroom hidden in the saves
  • Three Koi Ponds
  • Covered BBQ area
  • Live Size Chess Board
  • Sand Pit / Volleyball Court
  • The whole place is rigged for surround sound
  • Video Surveillance System with 10+ cameras

Inside is a whole different story.  This property got majorly damaged while it was vacant.

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Look at the View

The Pool Area:

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The Spa

The Spa

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As you can see the property was majorly damaged along the way.  So much stuff has been stolen.

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8 Responses to “ Flip that Mansion – Latest Project ”

  1. Mike Z says:

    So what do you do with something like this? Flip it? Or maybe you move in for 2 years and then sell it. Because then the first 250K is tax free profit because it was you primary home. Given all the equity you will gain the more tax free money the better. Just a thought

  2. Yes, I’m interested to know your strategy on this one too. I also can’t wait to see the “After” photos.

  3. Steve says:

    We’re going to be boring and probably just do a standard fix and flip. The house is about 45 minutes away and a long way from where I want to live (decent area, just far). It would be sweet to live there, but really overkill for what I need. After two years, I guarantee I’d never want to leave!!!

  4. Steve says:

    Oh, by the way, Justin, I didn’t know you read my blog, I read yours too!

  5. Wow, what happened to those cabinets? Is that paint?

    Man, vandalism just makes me angry. Almost as much as outright theft. Oh wait…you had both on this one.

    Well at least it created opportunity for you (in pricepoint I assume) since it happened before you got it. But it’s when I’m rehabbing a house and someone vandalized or steals…I just want to rip my hair out.

    Looking forward to the after pics!

    …jp
    .-= jp moses | REI Tips´s last blog ..Controversial: Do Real Estate “Wholetalers” Offer Any Real Value? =-.

  6. Andrew says:

    wow that is an amazing property, if you dont mind me asking what was the final price/ where is this house located?

    Im just curious :)

  7. Hey what did you pick that up for?
    Nice blog.

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