4th Project: 19550 N Grayhawk Dr #1007

[Denyse Nixon]

Investment Info:

Condo fix & flip investment.

Purchase price: $700,000
Cash invested: $105,000
Sale price: $820,000

Beautifully updated from top to bottom! This beauty has 2 bedrooms with an office/den and 2.5 baths. Magnificent kitchen has a sleek clean look with gorgeous new cabinets, new quartz countertops, LG stainless steel appliances, ZLine Microwave drawer, gorgeous, handcrafted backsplash with complimentary porcelain tile floors. Gorgeous open concept view from throughout unit. New electric fireplace in living room which makes for the perfect spot to relax. New Tempur-Pedic carpet upstairs. En suites both tastefully upgraded. Owned water softener, owned alarm, and nest thermostat. Community features include community clubhouse, heated pool & spa, tennis courts, bike paths & golf.

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

Great location, easy flip

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

Wholesaler

How did you finance this deal?

Hard Money Lender and Private Investors

How did you add value to the deal?

Full interior remodel: Kitchen, bathrooms, flooring, paint, appliances, fixtures

What was the outcome?

Market shifted quickly during time listed and we ended up receiving a lower offer than anticipated and gained no profit and loss of some investment money. Although we worked quickly, stayed within budget, and did excellent work, the market shift was something we were not anticipating happening until later in the year. The shift is what really did it for us, in a negative way.

Lessons learned? Challenges?

Challenges were uncontrollable market changes and dealing with an entirely new market of buyers. Buyers in the area tended to be a lot more critical and analytical than buyers in middle class markets. Lesson learned is to stay within the market I am most comfortable and areas I know. Less risk even in a market shift because I know the audience better.

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

Yes, Theresa Marquez with DeLex Realty