Condo fix & flip investment in Denton.
Purchase price: $100,000
Cash invested: $12,000
Sale price: $138,000
Another light rehab on a flip in Denton, TX. I love condos because the HOA addresses any roof or foundation issues. After purchase, the roof started leaking and the HOA fixed it quickly at no extra cost to me. I don't do sexy HGTV rehabs, but they are profitable!
What made you interested in investing in this type of deal?
Condos are great because the HOA takes care of the big ticket items.
How did you finance this deal?
Hard Money. Love leverage!
How did you add value to the deal?
A light cosmetic rehab. We added granite to this one (gasp!) – the first sexy thing I've ever done to any of my flips haha.
What was the outcome?
Great margin on this little guy. I love the easy flips that only need about 2 weeks and $15,000 worth of work.
Lessons learned? Challenges?
CREATE AN APPRAISAL PACKAGE! I created an appraisal package for the appraiser and left it on the counter before he came to the home. It had an itemized list of upgrades and the cost of them. I also included the multiple offers (with personal info redacted) that we got at and above asking price. This shows the appraiser that the home is worth the value we're asking.
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