5th Ave Project

Chula Vista, CA 91910

The Property

A 2 Bed / 1 Bath 850 square foot home on a large lot. When I called to see if it was available, they were just about to submit offers in a couple of hours, so I dropped everything and drove over to take a look.

Purchase Date: June 15, 2010
Purchase Price: $145,000
Sales Date: September
Sales Price: $242,000 to Investor
Bed / Bath: 2/1
Total Square Ft: 1250
Price Per Square Foot: $64
Holding Period: 6
Construction Costs: $25,200
Year Built: 1954

The Opportunity

We found this property using the fresh to the MLS method; a traditional sale not an REO. This is one of the three properties I purchased during a 30- Day Challenge. Please, go to the video section to see that ‘smelly’ first walk, and the picture section to see some before shots.

As soon as I walked it, I called the agent (which I always do before driving to a property) from the front porch and asked him to write- up the offer which was accepted over 30 other bids, after having to raise my price $25,000 and offering a 4 day close (The trust ended up taking about 3 weeks to close)

This property consists of a 2 Bedroom, 1 Bath, and 850 square foot home on a large lot. We purchased it for $145,000.

316 5th Ave Chula Vista, CA 91910

Before

The Shape and Color

I wanted to keep the vintage retro look on this property. We usually go through with the usual colors and new cabinets, but I felt this property deserved to be restored to its original beauty.

After

I liked the idea of using the original colors whenever possible, seeking the original beauty, ironically I saved on my rehab costs. The outside was supposed to be more of a mint color, but it didn’t turn out that way obviously. It seemed REALLY blue until we painted the trim and hung the shutters.

 

 

 

 

5th Ave Flip

The Chula Vista Cat House

Blog

Updates on progress

Chula Vista Flip… Going once, Going twice, Sold the cat pee house…

Besides

* trying to get rid of the strongest nastiest cat urine smell I have ever encountered (see video below for the smell O’ vision cam)
* the 30′ septic pit we discovered (which was supposed to be a septic tank – actual picture)
* paying $13,000 in city fees to hook up the septic (pit) to the city.
* An appraisal that came in $20,000 to low.

Besides those little things you couldn’t have asked for a smoother, easier, less stressful transaction.

I must have been on a bathroom break while I was watching those get rich quick late night Real Estate riches infomercial (those nights I wake up thinking about sink holes, low appraisals, and dealing with city governments) hosted by those two midget dudes.

Here is my get rich quick Real Estate infomercial that I directed, produced and starred in. Watch out Billy Mays here comes Curtis “the cat pee terminator” Gabhart.

Final stretch with construction

The plan is to have the inside complete today minus some punch list items, plumbing and final cleaning/touch up paint. Tomorrow the landscaping should be going in and the shutters up. That should really pull the look together. I am undecided as to whether I want to...

5th Avenue Project – Video update from the 21st of June

Here is a quick walk through video from Wednesday. As I speak the exterior is getting prepped for paint which should be going on today or tomorrow and finished Monday. Ahead of schedule for construction grand opening The rest of the Home Depot order will be there...

5th Avenue Project – Updates

About 10 days into the project and everything is going pretty smooth. To save money we painted the inside ourselves and the painting contractor will be there tomorrow.Wood floor guys showed up today and walked off the job because of a mis-communication on the scope of...