[quote=waiting hawk]its 2164 sqft
purchase 349k in Nov 09
Refi July 10 apprais at 517k (i think its closer to 475)
Lot is 1 acre zoned for horses. 2.5 horses are allowed per half acre so I can put 5 on mine. All is useable with the 2 tiers I currently have. No freeway noise and a decent view of city lights below.
Im into it total now for 375k with loan payoff of 290k.[/quote]
Let’s see . . . owned one year.
$517K – $375K = $142K “sweat-equity” on a bright sunny day.
$475K – $375K = $100K “sweat-equity” on a semi-cloudy day.
One AC all usable in two tiers, zoned for 5 horses.
5 br, 2164 SF living space
Only encumbrance is a 1st TD of $290K
View of city lights below
No Mello Roos or HOA
Besides “day trading luck” or “market-shorting shenanigans” has any Pigg been able to increase their net worth in the last 12 months by an extra $100K to $142K, aside from their “day job??” That’s $8,333 to $11,833 per month tax free in your “spare” time!! If waiting hawk puts a little more discounted mat’ls and his own labor into his property over the coming months/years, he may be able to increase its value even more!!
What started out to be a 80% LTV purchase money transaction ONE YEAR AGO now qualifies for a 56% LTV refinance transaction! And that’s in a year that most of the resale market “tanked” . . . lol!
And WH hauled a bunch of mat’ls up to and remodeled an A-Frame view cabin in Running Springs as well!! Was this remodel in progress concurrent with the Alta Loma facelift, WH? Do you work full time as well? Just wondering…
I’m really impressed, here. Truly. I know you’re not “flipping” and this is actually your family home, but many Piggs have stated this couldn’t be done anymore … that those days were gone. And professional flippers aren’t typically making this kind of profit/sweat-equity on ONE SFR.
The $64M question is, “Could your success story be done in San Diego County?” Guess we need to know more about the details of djshakes’ “project” to determine that (assuming he DOES reside in SD Co).
Shhhh …
IMO, the “secret” to your success is due to:
-Able to tackle and complete the vast majority of the work yourself;
-Willing to purchase and live in a house that’s far from perfect for an extended length of time;
-Willing to drive a hard bargain with the seller;
-Seek and place offers ONLY on structurally sound properties with large, usable lots that are free from environmental nuisances;
-and, most importantly, seek and place offers ONLY on properties WITHOUT HOA and Mello Roos, freeing up that $$ for repairs and improvements.
Congratulations again, waiting hawk!!
Acquiring a substantial amount of sweat equity in a relatively short period of time is STILL possible today for talented, industrious and patient individuals with “street-smarts.” No fancy degrees needed here.
