First Flip in AZ with Romando & Tina

[Romando Harrison]

Investment Info:

Single-family residence fix & flip investment in Fountain Hills.

Purchase price: $510,000
Cash invested: $60,000
Sale price: $700,000

My Fiance and I bought this house as agent/investors in September on the MLS, it had a renter in it and the owners were out of state. It was on the market for 90+ days. Put it under contract and closed and then flipped it in 2 weeks, put $60K into renovations, mostly cosmetic, it did not have any structural damage, foundation was solid. New HVAC, floors, kitchen hood, lights, fans, vanities, paint, some wallpaper, and landscaping. Removed a dead tree in yard and it made all the difference. Beautiful corner lot, found the right buyer and closed for a nice profit within the following next month.

What made you interested in investing in this type of deal?

My Fiance and I are licensed realtors in AZ, and she wants to flip house, and I want to wholesale. We are complimenting our strengths. She found this corner lot on the MLS, and I had a friend who provided her 500K hard money

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

MLS, it was on the market for 90+ days, tenants occupying it. The listing agent was not showing it, the owners were out of state and just paid the listing agent to throw it on MLS. Tenants were not allowing agent to show it, but my fiance was able to talk to them and they gave her access and she later closed the deal working directly with the owners.

How did you finance this deal?

Hard Money for 500K and 60K personal for flip

How did you add value to the deal?

Upgraded floors, kitchen, paint, vanities, lights, fans, landscaping, and installed a new HVAC. We removed a dead tree that was on the side of the house and that really opened up the landscaping making it appealing.

What was the outcome?

Fiance flipped the house in 2 weeks with her crew of trades and we listed 3rd week after she closed. Had a listed a little high at first at $740, then dropped it down to $700K and it sold at that mark.

Lessons learned? Challenges?

List at a comparable price, do not list too high.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, Us! I'm an agent and wholesaler, I'm targeting the Virginia market where I was born and raised. I selected that area so I can visit my 82yr old dad more often and still work from home. My Fiance and I live in AZ, and we sell/buy retail for our customers and she is looking for her next flip.