Complete Remodel, Fix & Flip on Old Home in Albuquerque

[John Myers]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $100,000
Cash invested: $75,000
Sale price: $265,000

This home was built in the 1930s and it needed a ton of work. This was by far my most extensive remodel. I have to replace all of the electical in the house as it was knob and tube. Every piece of plumbing was replaces, the home has cast iron and galvanized pipe. The home had no heating and cooling. So, we added central forced air conditioning and heating. None of the windows opened as they had been painted so many times that they had been painted closed. After all that, made it pretty.

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

I have done several fix and flips.

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

The owners called me because of one of the pages on my website. They originally wanted to rehab the home and sell it. Then they realized how much work and money it was going to cost. They decided to sell it to an investor and that happened to be me.