Grove House Flip - Denver

[Dimas Hornbuckle]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $259,000
Cash invested: $72,000
Sale price: $435,000

1002 Grove street was a problematic house that was old, dilapidated, and needed a full gut. Through the hard work of my team we were able to create a beautiful living space that yielded a huge profit.

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

It was my first deal and I spent a week or 2 crunching the numbers to make sure this house was going to work out.

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

I found it through my realtor, the MLS, and Zillow. I love to cross reference sites and run projects through multiple processes of math and programs to make sure I am 100% comfortable with the project and the numbers.

How did you finance this deal?

Being a young investor comes with a lot of set backs. One of the biggest set back being credit history. Thus, I did not have the ability to fund this project on my own. I had a gap funder cross my path at the right time and everything ended up great!

How did you add value to the deal?

I hand chose most of the materials used for the flip and facilitated the means to have a bidding war when it came to closing. I developed the property and made sure all parts of the flip ran smoothly. Due diligence is a virtue!

What was the outcome?

We exceeded the original amount of profit my math and computers and projected!

Lessons learned? Challenges?

I had forgotten about some money left in the escrow for the rehab which was nice to have during closing. Next time I'll be sure to manage the escrow more carefully.

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

Kevin Nydam from Thrive Real estate is a great agent and his company is phenomenal!