Mid-Modern Denver Flip - Success

[Phillip Bicker]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $475,000
Cash invested: $140,000
Sale price: $590,000

Contributors:
Calvin Lennberg

Hard Money Loan - 2% in points ($8,600), 10% interest ($10,800). We did about 1/2 of the work ourselves with demo, flooring, interior paint. Put in granite, remodeled baths, and left the exterior alone. About $25k all in for labor and remodel. My partner and I are both Realtors, so no listing agent fee only buyer's agent commission at $16,250.

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

Always looking for good flipping opportunities

How did you finance this deal?

Hard Money Loan - 75% of the ARV

How did you add value to the deal?

Renovated kitchen, baths, flooring, paint

Lessons learned? Challenges?

Several issues popped up along the way, but the biggest lesson learned - just turn over the work to the contractors! Spent far too long fixing issues we created and also spent too much time away from our other money making professions.

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

The best Realtors in the business ;) Calvin Lennberg and Phillip Bicker.