Updated over 5 years ago on .
1st Investment Property Sold
Investment Info:
Single-family residence fix & flip investment in Colorado Springs.
Purchase price: $233,000
Cash invested: $12,000
Sale price: $340,000
I lived in this investment property with my family as I replaced the flooring, trim, kitchen, paint, fence, and doors.
What made you interested in investing in this type of deal?
Climbing rents in Colorado Springs made homeownership more feasible.
How did you find this deal and how did you negotiate it?
We found this deal on the MLS with an agent. Dated aesthetics helped us to get the purchase price lower than comps.
How did you finance this deal?
0% Down Portfolio Loan from BBVA Compass.
How did you add value to the deal?
We replaced the flooring and trim(base and doors) throughout the entire house (which included tearing up 600 sq ft of tile). Then we completed a large herringbone tile backsplash in the kitchen and added marble-looking laminate counters. We also resurfaced the carpet stairs with white oak treads that came out beautiful. We tore out the old shadow-box fence and replaced it with a modern horizontal cedar fence. Lastly, we got insurance to replace the roof and gutters.
What was the outcome?
We were sad to leave this house but excited that another family gets to enjoy it. We invested $12,000 over 3 years and received $90,000 net at closing.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
We worked with Timothy Enders, eXp Realty. I have referred a lot of buyers, sellers, and investors to him and I will continue to do so. He is also an investor and has years of experience that helps him to estimate repair costs very quickly.