Flipping Homes in Hancock Park
There is huge profit to be made flipping houses in Hancock Park. Homeowners who are looking to sell their Hancock Park homecan get creative and ambitious and “flip” their home before sale. A homeowner is allowed to deduct $500,000 from taxes on the gain of the sale of their home ($250,000 for single taxpayers) if they live in the house for 2 of the last 5 years before sale. Doing renovations before sale can pay off big time! Key is to make sure renovations are designer done!
Sale of 346 N Las Palmas – We sold the house at 346 N Las Palmas off market on 3/7/2016 for $5,800,000 to a famous jewelry designer. Our sellers bought the property for $3,100,000 on 1/31/2014. With some renovations, they sold the house for 87% more than the purchase price. The renovations were done in beautiful taste by a talented designer. We paired the buyer and seller through our network and connections in the area. The sale was all cash with no loan or appraisal and the buyer got no credits after inspections.
The sellers moved to a $7,000,000 house in the area. Their goal is to do the plan a second time – do some renovations, live in the house for 2 years, sell for a nice profit, and move to a next house. With their eye and their impeccable taste, this practice will continue to be lucrative for them. We can help you do the same to your house if you’d like to make a lot of money on your sale. We specialize in Hancock Park real estate and getting our clients top top dollar for the homes we sell for them. It would be an honor to work with you!