Residential Fix and Flip - Northern Colorado

[Jesse Harris]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $215,000
Cash invested: $90,000

Contributors:
Tyson Thompson

Purchased from a wholesaler after we held strong on our numbers, and were able to get it $30k less than posted. Utilized a hard money lender to close in under 7 days. Currently 36 days into renovation and on track with our budget, hoping to list on the market by April 1 for a $75k - $100k profit. We will also run a BRRRR analysis to see if we can refinance this, get all our money out, and positively cash flow if we hold as a rental.

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

Found the deal through a wholesaler, attended the open house and made an offer on-site. Our offer was 3rd highest so initially we did not get the property. The next day, the property fell to us, so we lowered our offer an additional $10k as the seller was urgent.

How did you finance this deal?

Hard money lending

How did you add value to the deal?

Buying low, sticking to our numbers, keeping construction on schedule

What was the outcome?

To be determined

Lessons learned? Challenges?

Subcontracting is slightly more expensive, but expedites your holding time which frees up more time for us to invest in other deals.

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

Yes, Tyson Thompson (real estate agent)