Fix and Flip in Cottonwood AZ
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $279,000
Cash invested: $50,000
Fix and flip in Cottonwood, AZ
What made you interested in investing in this type of deal?
Price and how long it was on the market.
How did you find this deal and how did you negotiate it?
MLS
How did you finance this deal?
Conventional financing
How did you add value to the deal?
100% remodeled. New floors, lights, switches, fans, paint, appliances, floorboards, closets, doors, hardware, landscaping, etc. We also enclosed the 750 square foot garage and re concreted the backyard with gravel and turf. We may have over improved it for the neighborhood but now neighbors are starting to take pride in their homes and improve, paint and take better care of their properties.
What was the outcome?
Added $200k in equity in 2 months.
Lessons learned? Challenges?
Never hire contractors by the hour ever again. We went way over budget on this one because we paid 2 new guys by the hour. Luckily we had enough room by purchasing the house at such a great price to make up for it.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes
