Flipper/Rehabber · Denver, CO · Member since 2009 · 1k+ posts · 726 votes
Back in the game, with a bang!
REO purchased for $80k, needed minimum work. Carpet, paint, new deck, stainless appliances, all new light fixtures and doorknobs, new bathroom sink, new kitchen countertops, remodeled the master bathroom (was a work in progress when purchased lol) all for $7.5k. We did all the work ourselves.
Residential Lender · Littleton, CO · Member since 2008 · 128 posts · 16 votes
17y
Awesome job.
I'd love more detail. Is it officially closed and gone or is it still listed in the mls. I'd love to see it. I do more work in Montbello than GVR. Plus you never know I might have a property for you. One of my last deals almost blew up and looked for backup investors.
Flipper/Rehabber · Denver, CO · Member since 2009 · 1k+ posts · 726 votes
17y
$143k sales price
$5k concession to buyer
$3864 commission buyers agent
$1850 closing costs (round, est. hold open)
$7500 fixup
$80k original purchase
--
$44,786
Closing costs for the buy were around $500 or less, cash purchase with my partner.
I will PM you the info for MLS, etc. We are looking for more, more, more... and work with 3-4 of the biggest players in Denver. If you get me a property, even if I dont buy it I have 4-5 guys who will. Montbello is tough however, the 2 biggest investors I know wont touch it will a 1000 yard pole.
Residential Lender · Littleton, CO · Member since 2008 · 128 posts · 16 votes
17y
Waiting for you PM. First off congrats you are a big time baller as the kids say these days. Montbello is a much better buy and hold area that is what my investor is focused on so that is where I look.
What's funny is I know several investors and they won't touch GVR with a 10 foot pole for flips, but love it for buy and hold.
Flipper/Rehabber · Denver, CO · Member since 2009 · 1k+ posts · 726 votes
17y
Closing was delayed until the end of this week, everything should be smooth.
GVR is odd, there seems to be many homes in the $120k range and below, need a lot of fixup. Then nicer homes for $160k. It seems if you have a nice home fixed up around $130k, it will sell (like ours!). Seems good for fix and flip since there is demand, but you have to be very careful with anything you do in GVR and montbello, know your numbers and your areas.
Flipper/Rehabber · Denver, CO · Member since 2009 · 1k+ posts · 726 votes
17y
You cant make this stuff up:
We closed yesterday, then found out the wire transfer for the down payment was 'flagged' for suspected terrorist match. The deal wont fund until they verify the identities of the buyers and clear them from the financial terrorist watch list.