Denver Lipstick Flip 2016

[Matt M.]

Unicorns still exist in Denver, if you know where to look. This was a quick project(~6 weeks from purchase to sale), and not a bad take for a few weeks worth of work.

Purchase $215k

Carrying Costs $4,200

Fix Up Costs $15,200 (included ~$1500 inspection objection repairs)

Sale Price $280k

Closing Costs $8750

Profit $36,850

This home needed a deep cleaning and minor improvements. I picked it up from one of my wholesalers who door knocked it. The yard was/is toast as you can see from my thread here:

https://www.biggerpockets.com/forums/84/topics/285...

We replaced the front fence pickets and stained the back ones, replaced the carpet, installed new light fixtures, put tile in the bathrooms, replaced the garage doors and patio door, painted, and replaced the stove, dishwasher and hood. And that was it.

My only regret is that I decided to paint it myself with some family help. It took us longer than expected and was only slightly cheaper than having a professional do it. But the timing worked out.

We had around 15 showings on the 2nd day as the first day was a 20”+ snow day. Five offers were presented with a few going over asking price with one being up to $20k over ask. I knew I was pushing the market on price, and I was already concerned with the appraisal at list price. I accepted a cash offer, close in 2 weeks, and at list price.

I saw a tremendous amount of foreclosures in this neighborhood during the crash. This home could have been bought in the low 100s during that time. It is nice to see prices coming back up across the board. On to the next one!