Joe Homs walks through a foreclosure flip in Mission Viejo that jumped from a $950,000 estimate to $1.2M in six months. The rehab includes painting, new flooring, white cabinet paint, quartz counters, and a pool acid wash. He'll post updates as work progresses.
Chapters
a project that I'm doing, a flip in the Mission Viejo. And real quickly, this flip was a foreclosure, and I ended up talking to the seller before it actually went to the courthouse steps, put a deal together, and purchased it about 6 months ago. And that's another story, uh, because he was supposed to move out 30 days after. I had $10,000 held back in escrow. He obviously didn't do that. He moved out. Uh, but here we are, kind of like the 1980s again, inflation going crazy. My after-repair value on this property was $950,000 at the time, 6 months ago. It is $1.2 million now. So I want to walk you through here. We're going to do a little bit more of a, uh, a rehab than I had planned on because the price is over $1 million and people buying properties at that price range expect a little bit more. So come on in. We'll walk you around. Okay, so as you can see, the living room area there, there used to be mirrors back there. They were taken out because that's literally a '70s look, so we took that out. They finished painting inside. They're headed outside here in the next couple of days to finish painting outside. We've got people painting the cabinets, and when we get to the kitchen, I'll explain what we're doing there. We're going to put vinyl flooring throughout, so this Mexican paver stuff that you see down here, again, '70s and '80s look, all that's going to disappear, and we're going to, you know, bring it, bring it up to date, basically. If you come over here in the kitchen area, you can see that the cabinets are actually like an oak color. There. And so we're going to repaint those because they are hardwood cabinets. We're going to repaint those, make those white. The countertop is a granite, and we're going to change that out to a lighter quartz. And then as we go down here, this is the family room. We have a little powder room here to the right. Family room, and then the garage to the right. It's got a 2-car garage. And then, uh, when you come back here, what's really going to sell this house, I think, is the pool. Uh, understand that, uh, they're, they're working on doing all the trimming back here of all the plants and everything. Uh, the guy that I bought it from basically left everything that you see out here plus 10 times more. So they've been out here cleaning. I've got a pool guy coming out on Sunday. He's going to empty out the pool. He's going to do an acid wash, clean it, and then we're going to refill the pool. All the pool equipment is working, thank God, because that can get expensive in a rehab. So this is— this is at the end of the day, this is what it's going to look like. We're going to put some bark on the ground there so you don't see the dirt directly. So we're going to put some bark down there. The outside of the house, the stucco is going to be white, and then the trim is going to be a dark brown trim. Okay. So come on in, and we'll take a quick, uh, take a quick tour of the upstairs, which is where the 3 bedrooms are. Bedroom 1. This is a guest bedroom, and, uh, this gentleman had lived here for quite some time. He was a contractor. There used to be a wall right here, and he took this wall down to extend it into this area. Now this, this area is not legal in any ways because of the low ceilings. As you can see, I can bump my head there. Not that I, you know, I'm really concerned about that. I don't plan on using this square footage to add to the value of the property. It's just going to be— this is a bedroom, basically. The mirrored wardrobe doors were actually in here, which is Really nice because I always put the mirrored doors in. You've got also the what they call 6-panel doors, so these are more modern than what this house originally came with. We've got another bedroom over here. Another bedroom, same thing, mirrored doors on the right. You got your master bedroom here, mirrored wardrobe doors over there, and a giant bay window here, which is really nice. Now some of these models, they do have a balcony that goes out, so that's a possibility if somebody wanted to build a balcony out here. They would put a— A little bit of a deck. A sliding glass door here so that they can go out into the balcony. So it's really up to an individual taste. I don't plan on doing any of that. Um, I'm basically going to leave everything like it is. More mirrored doors, the vanity, and the shower in there for the master bath. And then the other bathroom we missed is to the right here. The contractors are in there doing some stuff. If you put the camera in there, they'll be famous. They'll be on my YouTube channel. So they're taking out the old-fashioned lighting and the mirror that was in there. I got this property about, I'd say about a week ago. So the minute that I took possession, you know, the people, the contractors start coming in and doing the job. That's it. I hope you enjoyed the tour. I'll do some more as we get towards the end and stuff so you can see what the beginning and the end look like. Thank you for joining me. I appreciate it.
