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. 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 interested in investing in this property since it was very close to home and I was familiar with the area.

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

I had made offers on a number of properties before I came across this one on Zillow one night. We put an offer $50,000 under asking and they accepted!

How did you finance this deal?

I saved up money for a 20% down payment and took out a traditional loan on the property.

How did you add value to the deal?

I added value by completely remodeling the interior and exterior of the home.

What was the outcome?

It sold in 10 days with a very smooth close. To this day, this was one of the easiest and smoothest remodels that I've done.

Lessons learned? Challenges?

I learned so much as this was my first remodel, however I have learned more on the remodels that were not as easy as this one. My main take away on this property was how to work with contractors, to important is it to review the bid during the remodel to make sure to not add too many "change orders" and to stand your ground with contractors.