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Updated almost 2 years ago,
First fix and flip :)
Investment Info:
Condo fix & flip investment.
Purchase price: $168,500
Cash invested: $30,000
This property is currently for sale, if anyone is interested in a turn key condo on Phoenix, near freeways and hospitals for under $240k.
2 bedroom/2 bathroom 800 sq ft, second floor unit.
What made you interested in investing in this type of deal?
It was under $300k arv, which was part of my buy box. I also liked the idea of being able to rehab everything in the property and not have to worry about landscaping or roofs, etc. for my first deal.
How did you find this deal and how did you negotiate it?
I found it through a local wholesaler and negotiated it for $7500 off their ask price, my purchase price ended up being $168,500.
How did you finance this deal?
Hard money
How did you add value to the deal?
I rehabbed the entire unit. I found out after I closed on the deal that it had been vacant for 2 years and so it was in rough shape. On top of all the aesthetic updates, I also had to replace the AC, which included updated a lot of the electric, new hot water heater, appliances, some plumbing, installed a brand new shower/bath in the master, etc.
What was the outcome?
It is currently for sale :)
Lessons learned? Challenges?
Walk the property with a contractor before closing/offering; there were a couple expensive items that I just missed during my own walk through that a contractor would have caught.
The challenge was that I had a two and a half month closing due to the wholesaler not being able to close on their end (it was a probate deal). During the time I signed the contract to when I closed on it, the phoenix market completely changed, homes began sitting longer and selling for less money. Not my ideal deal:)
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Me! I was the agent as well and I know the area of Phoenix very well. If anyone reading this needs an agent or just someone to bounce ideas off of, let me know!
