First Fix and Flip (Mesa, Arizona)

[Patrick Benjamin]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $214,830
Cash invested: $60,000
Sale price: $307,500

1700 Sqft 4 Bedroom / 2 bath that we converted into a 3 Bed / 2 bath with a much larger master bathroom and walk in closet.

How did you find this deal and how did you negotiate it?

Property was purchased at an auction.

How did you finance this deal?

Hard money loan and partners.

[Patrick Benjamin]

Originally posted by @Shiloh Lundahl:

@Patrick Benjamin Thr front of the house looks great. Good job. What was the profit after all expenses including rehab, money costs, and holding costs?

When it was all said and done Profit was about 16k. With Hindsight of the last few months, we literally couldn't have timed the sale of this property worse. We put it on the market on March 16th for $329,000 and had it under contract at full price within 48 hours. Then the Stock market came crashing down, and the nation as a whole came to a complete standstill. They ended up backing out, and after about a month we lowered the price 15k as we were getting more and more concerned about the market starting to slip and didn't want to hold onto the property. Ended up taking a 307k offer which we closed. Two weeks after we accepted their offer we got a backup offer at 315,000. 

Not complaining, as it was still a very beneficial experience and we still made some money - but I'd be lying if I said I wasn't a little bitter!