Arizona Fix & Flip Huge ROI

[Jennifer Daniels]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $148,000
Cash invested: $35,000
Sale price: $250,000

First Flip Ever. Great ROI. Almost Completely full of trash and furniture. Massive clean up required. New roof, kept kitchen and master bath they were both decent. Removed walls, pocket door. Carpet was salvageable. It was fairly new. All new tile throughout, new appliances. Refinished patio and cool deck around pool. Restuccoed block wall and painted to match the house. New paint interior and exterior. Epoxy the garage floor. Whitewashed the brick fireplace. New granite counters. 2nd bath complete remodel. New front landscaping, rock, plants and watering system. New garage service door. New window blinds. New lighting. New bathroom fixtures. New door hardware. HOMERUN!!

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

The opportunity to acquire my first flip property and the learning process.

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

It was a former co-workers family member who wanted an as-is quick sale with a 30 day post possession.

How did you finance this deal?

Private money lender

What was the outcome?

Profit of over $52,000.

Lessons learned? Challenges?

Budget. This is an older neighborhood where there were no comps. Initial thought of sales price was $200,000. We tested the market and listed at $265,000 and sold for $250,000 no seller concessions. Study the numbers before you cut yourself short. We were on the market for 31 days.

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

I am a licensed REALTOR so that is always helpful.