Updated over 3 years ago on . Most recent reply
Greeley FLIP AND FLIP
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $212,000
Cash invested: $65,000
Sale price: $325,000
Complete remodel and performed all work with my business partner without hiring contractors. New kitchen, new flooring, knocked down walls, removed popcorn ceiling and re-textured, new trim, new carpet, new doors and hardware, all new bathrooms upstairs, cleaned up landscaping, new tile work, new closets, new water heater, and new paint on interior and exterior.
What made you interested in investing in this type of deal?
It was a rental that was listed on the MLS and needed a lot of work. Plenty of room for profit and we wanted to learn the ins and outs of a DIY project.
How did you find this deal and how did you negotiate it?
On the MLS. This was our seventh offer that we had submitted in 2 months as we had a strategy to only accept 20% less than asking, which this one did.
How did you finance this deal?
20% down at 5%.
How did you add value to the deal?
Updated EVERYTHING but the basement bathroom.
What was the outcome?
We netted $60k.
Lessons learned? Challenges?
Some things should just be hired out to save time. Time is money!
Most Popular Reply
Congrats @Ryan P Smith! So cool to hear that you remodeled everything without hiring contractors. Did you end up hiring out some of the remodeling, or were there certain areas that you wished you had?