By Nef Cortez
Are there fix and flip opportunities in Diamond Bar? It appears there are.
Generally, fix and flip opportunities are more common in communities that are long established, where the housing stock is older, and the combination of time and deferred maintenance intersect to provide the “perfect storm” that allows for the fix and flip opportunity.
The search for these kinds of opportunities are more likely to result in a larger and more established city like Los Angeles, or San Bernardino, or Riverside. Diamond Bar is a more limited and very competitive environment. Diamond Bar, where the median sales price of a single family detached home reached $745,000 in the fourth quarter of 2017, requires an investor that has a higher level of resources and cash liquidity in order to compete for these opportunities.
The most recent case that I am aware of that was clearly a “fix and flip” in Diamond Bar occurred in the south part of the city. The home, located walking distance to Diamond Bar High School and H-Mart, was listed as a 3 bedroom 2 bath home with a little over 1500 square feet. Los Angeles County Public records show that that investor was able to purchase the property at $515,000, although the California Regional Multiple Listing Service has it at $525,000. Within 6 months, the property was completely rehabbed and resold for slightly over $700,000. This generated a gross profit of $175,000 to the investor/flipper. Not bad for a few months’ worth of work!
There are always opportunities that may come up, some better than this one, and some not. It does require constant vigilance, a constant search, and being prepared financially when the opportunity does show up. These opportunities do not wait for one to get ready…one has to be ready ahead of time. Best advise is, if you are interested in fixing and flipping, be ready!
This article was written by Nef Cortez, a licensed Real Estate Broker, Ca BRE # 00560181, licensed since 1976. He can be reached for more information via e-mail at firstname.lastname@example.org, or website www.nefcortez.com. Please feel free to email any questions regarding real estate.