This home is up on the east bench in Ogden, UT and had so much potential in it when we found it. Ogden, luckily, provides beautiful mountains, views, hiking, and more up on the east bench.

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

As with our first flip, we were hoping to acquire more capital in order to purchase rentals. Additionally, we did enjoy our first flip for the most part as we watched something in such disrepair transform into something amazing.

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

Our real estate agent at the time, Rob Moser, and I had just met a day or so earlier and he brought me this home that meet my criteria. I began working with him to assemble our offer. We had heard numerous investors offered around 200k for the home right off the bat. The sellers turned them all down. We came in at their asking price to start things off on the right foot. As time passed, we would negotiate more and more off the top as we found additional issues with the home.

How did you finance this deal?

Because I was introduced to Rob Moser by Corey Curwick Dutton from Private Money Utah, I made the decision to work with her. She was always quick to respond and had numerous hard money options to select from. We had previously established our relationship and I felt secure in my decision that she would close as quickly as I needed her to. For the remaining gap and repair costs, I used private money that I recycled from my first deal because it went so well.

How did you add value to the deal?

Hopefully the photos answer this question better than I can. If not, however, we took a home that was stuck between the 70's and early 2000's to a clean, more modern-feeling home. This required about 60k in repairs. Some would think this is a lot for a home in Ogden but averaged out to be $19/sq. ft. in rehab.

What was the outcome?

We had multiple offers on this property and accepted a full-price offer with a high earnest money deposit. After closing, my partners and I were blessed to make $37,000 on this flip even after we exceeded our rehab budget by approximately $20,000.

Lessons learned? Challenges?

Thoroughly vet your contractors - I originally partnered with a very kind contractor. Unfortunately, we learned over time that his work ethic was extremely poor and had to let him go a month into the project.
Contracts are extremely important - I had created a joint venture contract with this contractor but he never sat down with me to fill it out and sign it. We would have avoided a massive headache had we done this.
Many other lessons I would be happy to share but don't have room for.

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

Rob Moser, real estate agent, is as professional as they come. If I could recommend an agent in the Ogden area, despite the fact that I am an agent myself, it would be Rob hands down.

Corey Curwick Dutton from Private Money Utah has your best interest at heart and is extremely easy to work with. She helped me thoroughly vet this deal to make sure we would come out on top.