My first large project in Phoenix, Arizona

[Art Shalomov]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $235,000
Cash invested: $150,000
Sale price: $570,000

I purchased this as a long term hold at first. It was about 1200 sqft, 3/1. With values going up in the area, it made sense to do a large addtion and learn along the way. This was my first large project that included an addition of 900 sqft and a 2 car garage, all new electrical, plumbing, roof. It was 90% new.

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

I wanted to learn how to do bigger projects and this home had a good amount of equity which allowed room for error.

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

It was on MLS. An agent helped me get it.

How did you finance this deal?

Purchased using conventional financing and used a HELOC on my primary to do the addition.

How did you add value to the deal?

Full remodel including 900 sqft addition and a 2 car garage.