Flip This House in Albuquerque NM
Flip This House in Albuquerque NM
Just closed on a 2300 square foot 3 Bedroom foreclosure home in Albuquerque. I have partnered with another Albuquerque real estate investor on a 50 50 split.
This home is located in the north valley in Albuquerque. Values are fairly high in this area, however this variation in values is quite high.
We purchased this home with the intention of remodeling the home and selling it for a profit. We paid $156,000 for the home and we are currently evaluating two levels of remodel to determine the best approach.
We purchased the home with the intention of a high end remodel and sell for a price of $280,000. However, there is a possibility that a remodel at a much lower price could bring a sales price of $225,000.
We know there is a good profit going into this transaction, however it is important to get the best return on investment. We want to make sure we have the best plan in place for this home.
It is critical to understand the numbers behind the transaction and make the decision that maximizes our investment.
I have seen many investors get carried away with the remodel and forget to analyze the situation to maximize the return. I am doing this to make a profit, not to practice my skills of remodeling homes.
Good Luck and Good Investing to All!!
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