629 SE Riviera

629 SE Riviera Drive

Fort Lauderdale, FL 33301

 

Watch this video for details on the PREFER model and the 629 SE Riviera property.

PREFER Loan Amount

Total Raise: $705,000

  • Down Payment: $255,000

  • 2.5% Points: $63,750

  • Closing Costs: $35,000

  • Construction Fee & Costs: $24,500

  • Wholesale Fee: $80,000

  • Carrying Cost (6-8 Months): $118,200

PREFER Secured Loan Interest: $162,150

Cash on Cash Return: 23%

Property Details

  • 4 Beds, 4 Baths, 2,692 Sq. Ft.

  • Beautiful Waterfront Two-Story

  • High Elevation Site with 50’ Dock

  • Gated Community

  • Located in Riviera Isles on Intracoastal

Rehab Details

  • Interior Paint

  • New Flooring

  • Master Bath Remodel

  • Kitchen Remodel

  • Enhance Outdoor Space + Add 2nd Story Deck

  • Exterior Paint & Landscaping

Property Data

Buy Price: $2,550,000

  • Mortgage Amount: $2,040,000

  • Rehab Cost: $350,000

  • Estimated Completion: 6-8 Months

Estimated After Repair Value: $4,300,000

Estimated to Market: Early 2025

Average Days on Market: 83 Days

Estimated Payout: Spring/Summer 2025

The PREFER Model

  • High-End Luxury Fix & Flips

    • Operating only in coastal markets

    • Choosing properties that are not selling for their full value because they’re out of date and missing the key features & amenities luxury buyers are looking for.

  • Totally Passive

  • Short-Term Cash on Cash Returns

    • 6-8 Month Rehab Timeline

    • Returns Expected Within 12 Months

  • Fractional

    • $50,000 Minimum

  • Geographic Mobility

    • Lender doesn’t have to be local to the property.

  • Extensive Due Diligence

    • Several third-party appraisals and consultations with local real estate agents and professionals to ensure these deals will produce the expected returns.

Property Updates

11.08.24 Update

  • Finishing Rough-In Stage

  • Video of the progress at 16:12

10.14.24 Update

  • Flooring & Fixtures ordered

  • Design Book Complete

  • Well into the rough-in phase

  • On schedule for December 2024 / January 2025 completion

10.21.24 Update

  • Video of the Job Site at 10:46

  • Finishing the framing & Mechanical going in

  • Roof is ordered

  • On schedule for December 2024 / January 2025 completion

12.13.24 Update

  • Electrical is done

  • Plumbing has started

  • Pre-Listing showings this weekend!

11.15.24 Update

  • Rough-In Complete

  • Start on Electrical

11.22.24 Update

  • Electrical is well under way

  • On schedule for December 2024 / January 2025 completion

Get on the List

What is the PREFER Method?

  • The real estate market is certainly tough right now, but the data is showing there are certain markets in the luxury space that are continuing to have the greatest opportunity for high profits, specifically for luxury-level flippers. According to a recent Luxury Market Report by the Institute for Luxury Home Marketing, “The most significant trend, after a slow start to the year, is that the North American luxury real estate market has, for the most part, returned to a seller’s market.” The report also details that luxury is no longer defined solely by size or price and that buyers are now seeking premium properties that meet their specific requirements and they are willing to pay a premium if the property checks all of their boxes. This is the prefer model in a nutshell - picking properties in these strong higher-end markets that are not selling for their full value because they’re out of date and missing the key things luxury buyers are looking for. That’s why these properties can double in value with some strategic luxury remodels.

  • Yes! PREFER Lenders provide the gap funding for the project and are paid a set cash on cash return when the project is complete and the property sells.

  • Look above for the form to add you to the email list. Participants will receive emails when new projects are coming - they will be the first to hear of new projects. Lending on a project is a first come, first served basis and these projects fill fast, so we recommend you get on the list even if you are not quite ready to become a lender on an upcoming project.

  • No! These projects can be lended in full or they can be fractional. The minimum amount is $50,000.

  • Rehabs are estimated to take 6-8 months. Once the project is complete the property will be listed for sale. The average days on market for the locations we operate in are between 45 and 90 days, meaning our estimated timeline for lenders to be paid is 12-14 months.

  • Your loan is collateralized by the real estate through a promissory note.