Flip This House in Albuquerque NM Part 3
Flip This Albuquerque Home Part 3
A business partner and I purchased a foreclosed home in Albuquerque and this is the third blog in a series of blogs on this flip. We purchase this Albuquerque foreclosure and closed on 11/24/2014.
We had two options on this flip. The first option was a quick and dirty flip with a cost of about $10,000 to $15,000. The second option was to completely remodel the home at an estimated cost of $35,000 to $40,000.
We chose to perform a complete remodel of this home and the repair costs came right in line at $37,000 and took about 7 weeks. We had the home staged and put this beautiful Albuquerque north valley home on the market on 1/15/2015.
We received an offer on the home and came to agreement on a purchase price of of $290,000. This purchase price is a little more than our desired purchase price. We are on our way to a quick close, inspections are scheduled, and the VA appraiser is scheduled. The home looks great and we did a first class remodel on this home and I don't expect any issues.
The decision to perform a full blown remodel of the home was the right decision on this home. We are making a better return on our investment than the quick and dirty remodel would have provided.
It is important to understand your options when flipping a home. It is absolutely important to make the repairs that add value to the home. We take an approach of closely monitoring our contractors and we make sure we put a quality product on the market.
Comments