Tempe, AZ 1,400 square feet Condo Fix and Flip

[Chérie Przybyl]

Investment Info:

Single-family residence fix & flip investment in Tempe.

Purchase price: $165,000
Cash invested: $18,000
Sale price: $230,000

My 1st and favorite fix and flip of 2018.

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

I wanted a cosmetic fix and flip for my 1st.

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

I bought this deal from a local wholesaler. I built a relationship with one of the company's reps and let the rep know what I was looking for. I specified a purchase price of $175K or less that needed a remodel $20K or less. The rep called me when he had a deal that met my criteria to give me a heads up. He was very nice to do this because deals like this fly off the shelf in Arizona.

How did you finance this deal?

I use a Private Money Lender and Hard Money Lender.

How did you add value to the deal?

My partner and I were at the house every day doing work ourselves to learn the process remodeling a home and save some money on basic handyman labor.

What was the outcome?

After all costs of selling the property, the profit was $23,000 and we turned this property extremely fast.

Lessons learned? Challenges?

Finding trustworthy trades who do what they say they are going to do at the price they say they will do it.

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

I am a real estate agent and listed the house myself. I found one of my current go-to hard money lenders.