Situated in the “Avenues” of Redondo Beach, H&H acquired an old 2 bedroom / 1 bathroom 800 square foot beach home surrounded by 2,200 to 4,000 square foot beach mansions. This up-and-coming area has many high paid, successful buyers that are early in their careers. They can afford a million dollar mortgage, but do not have the cash to build on their own. H&H was able to expand this old beach bungalow to almost 2,900 square feet with a second story and “grandma” unit off the detached garage. Essentially a brand new build, buyers were wowed by the open floor plan that competed with homes 500 square feet bigger purely based on the amazing feel.
This was H&H’s first high end flip which lasted a total of 14 months from acquisition to disposition. A 38% return with no leverage made for a fantastic deal for the investors on this property. With the new experience, the time frame will now take 10 to 12 months with profit projections between 20% to 30%.