Updated about 3 years ago on . Most recent reply
Fix & Flip in Apache Junction, AZ
Investment Info:
Single-family residence fix & flip investment in Mount Laurel.
Purchase price: $307,000
Cash invested: $70,000
Sale price: $430,000
This was a SFH fix and flip my husband and I did with my best friend and her husband. We were all a little nervous to go in on this deal since we are all friends. Everything worked out well. This was a single family home in Apache Junction, AZ. We purchased this deal from a wholesaler who had already reduced the price a few times.
How did you find this deal and how did you negotiate it?
One of our wholesalers sent it to us. We paid asking price since we knew we could get the numbers to work.
How did you finance this deal?
Hard money loan.
How did you add value to the deal?
We put in new flooring, cabinets, painted, added landscaping, glazed the tubs and showers and put in new fixtures.
Lessons learned? Challenges?
This home was surrounded by trailer parks and not in a great neighborhood. We had crack heads visit us during the open house. When the counter installer installed the countertops they cracked it. Next time we will make sure to be there for all installations.
It also had an above ground pool. These are hard to take care of and we could not find a pool company to do it. We finally did find someone and he did a horrible job. We ended up draining the pool during the remodel.
- Susan Thelen
- [email protected]
