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Updated 3 months ago, 09/30/2024
Colorado Fix and Flip Project
Investment Info:
Townhouse fix & flip investment in Aurora.
Purchase price: $248,955
Cash invested: $90,389
Sale price: $387,500
This was a fix and flip project located in the vibrant city of Aurora, Colorado. We acquired a townhome property from a wholesaler, executed a successful renovation and remodeling plan, and achieved a profitable sale just 116 days later. My responsibilities included construction and contractor management and overseeing the asset's successful marketing and sale.
What made you interested in investing in this type of deal?
We perform several flips a year when we find them from wholesalers. We have strict criteria and only buy if we can properly segment risk.
How did you find this deal and how did you negotiate it?
We purchased this deal from our wholesaler network. We always perform a proforma before making any offers. In this case, the numbers worked, so we bought the deal.
How did you finance this deal?
We used hard money for 80% of the project cost.
How did you add value to the deal?
We painted, replaced flooring, added countertops, fixtures, and bathroom finishes.
What was the outcome?
We sold completed the project ahead of schedule and under budget - 116 days from purchase to sale.
Lessons learned? Challenges?
We learned that Xcel energy can be a real nightmare to work with during a panel swap. Try to take care of your necessary electrical work before you get to your marketing period.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am both the principal and the agent. If you need help selling your flip, I am very experienced and know exactly how to help. Otherwise, Steven Silva with Simple Staging did an amazing job with the staging and the photos.