Apache Junction Fix and Flip

[Anna Howard]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $285,000
Cash invested: $65,000
Sale price: $410,000

This was a SFR 3/2 distressed property.

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

The square footage of the home and the amount of rehab that was needed appeared to be feasible as my first flip project.

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

Through a wholesaler and the multiple lists I subscribe to and negotiated from the offer price. The assignment I purchased under was the B-C relationship.

How did you finance this deal?

Using a hard money lender at 11.99% and using my own cash for down and rehab costs.

How did you add value to the deal?

There was quite a bit of maintenance that the home owners had not attended to over the years. So replacing the roof and A/C were a must as they were both original on this 1998 build. Opted to repaint the existing cabinets and added hardware. New appliances, granite countertop and farm kitchen sink were installed. Installed luxury vinyl plank flooring throughout. And gutted both bathrooms, tiled shower and flooring, new techno shower heads, vanity, and bathroom hardware.

Lessons learned? Challenges?

Timing of when to begin next bit of work (e.g. flooring or painting). Scheduling of work as some could be scheduled within days and others it was weeks about due to product availability (e.g. window screen shades).