First Fix & Flip Scottsdale Single Family

[Kara Beckmann]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $315,000
Cash invested: $48,194
Sale price: $425,000

This was my first fix and flip property, and a full gut job. It was a probate sale in a great location. I offered $50,000 under asking and my offer was accepted! Pretty smooth renovation, especially considering this was my first deal. Sold in 10 days, and that is how my Real Estate investing began.

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

I was familiar with this location, and it was close to home. That was important to me for my first deal. I would stop by daily to check on the progress on my way to my full time "day job".

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

I found this deal on the Zillow. I sent it to my agent and we decided to make a low ball offer which was $50,000 under asking. I once heard an investor say, "If you aren't embarrassed by your offer, then it's not low enough."

How did you finance this deal?

I took out my first traditional loan on this property which I was able to qualify for since I was still working a full time job at the time.

How did you add value to the deal?

I added value to the deal by updating everything - new flooring throughout, new paint, baseboards, lighting and plumbing fixtures, garage door. The house had beautiful curb appeal afterwards, and I have noticed that goes a long way!

What was the outcome?

This house sold in 10 days, and I made in profit what would take me 8 months to make working at my day job. I thought, wow I have to figure out how I can do this full time!

Lessons learned? Challenges?

This deal went pretty smooth. I feel lucky because to this day, no deal has gone as smooth as my first. The biggest lesson that I learned was to not be afraid to put in a low ball offer because you never know what someone is willing to accept!