Updated about 1 year ago on .
Two week Phoenix flip
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $425,000
Cash invested: $23,000
Sale price: $510,000
My first lipstick flip that just needed updating from my REO lender.
What made you interested in investing in this type of deal?
An REO lender I've known over the years calls me on deals he knows I can purchase quickly. At that time it was an area with homes that move relatively quickly and a low enough price point with the rates to make it appealing to buyers. As long as it was clean and in good shape it was going to move.
How did you find this deal and how did you negotiate it?
My REO lender. The foreclosure price is set.
How did you finance this deal?
Boomerang Capital
How did you add value to the deal?
Painted the entire home. Replaced doors, updated some of the light fixtures, refurbished the kitchen cabinets and countertops. The landscape wasn't in good shape so had that redone. The foundational items, roofing, HVAC, plumbing and electrical were newer and needed very minimal replacing and updating.
What was the outcome?
Sold it quickly within a week with multiple offers over ask.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Boomerang Capital is my favorite lender in the valley and Jennifer Bayless at Magnum Title is the best escrow officer
