My First Flip - Remotely done in Norther Arizona (near Sedona)

[Brian Larson]

**PICS COMING SHORTLY**

I just found this thread and figured I would post even though the rehab is complete and the property is listed. I have another just starting and will post in another thread.

Note: I live in Los Angeles area and am doing a remote flip. Due to J Scott's book and his podcast I decided to make sure the flip was with someone I could trust intrinsically and would care about the job as much as I do. Thus my birddog, estimator, GC, project manager and everything else is @Kyle Larson my brother who is local to the area. 

Purchase Details:

• REO listed on MLS. Started at $49k in January of 2014
• Put under contract for $28,000 in late June
• Closing delayed 2 months due to electric work needing completion (bank paid $4k to get new work complete)
• Closed on 9/17
• Purchase Price: $28,000 ($2k below our our target acquisition price)
• Paid cash, rehab costs out of my pocket as well to keep minimal holding costs (outside cost of money and opportunity cost)

House Details:

• Built 1985, 2 bed/2 bath, 950 sq ft on 1/8 acre lot near a creek and now defunct golf course
• House looks like its manufactured. Had to triple check it wasn't...it isn't :)
• Estimated Rehab was $13,500
• During inspection we found termite damage that would cost approximately $2K in tenting and repairs. Since we saved the $2k on acquisition we rolled with it
• Actual Rehab with termite was $15,500 (fantastic job on estimate by my brother on his first flip. Also thanks to J Scott's estimator worksheet
• Estimated ARV: We went conservative - $75k
• Currently listed (as of 10/17) for $87.5k

Rehab Details:

• Remove old carport and porch
• Rebuild and reface deck
• replace both Baths
• New flooring throughout
• Fix siding, paint exterior
• Drywall work, paint and baseboards throughout
• Heavy landscape cleanup, gravel, etc
• Appliances, cooling/heating and inside electrical were all good to go
• Kitchen could have used an update but was in good shape and at this price point was just right for the area.

So this is less of a diary than it is a summary but we still have to sell! I am excited at the possible profit and feel very good about turning the neighborhood eyesore into a nice home for a small family or older couple looking to retire by the creek. Win/Win/Win

Brian