My first fix and flip

[Cassy T.]

Investment Info:

Single-family residence fix & flip investment in Greeley.

Purchase price: $230,000
Cash invested: $15,800

Purchased a SFH that was previously a rental and in need of cosmetic fixes through-out the home. It was in a good neighborhood and had a 2nd garage, additional parking and a double lot, unlike most its neighbors.

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

The housing market is very expensive in Colorado. I was moving from a depressed market in WY and this allowed me to get more house, plus make a nice profit. My realtor was a big part of it.

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

I met a realtor when I moved to the Greeley area who managed 80+ rentals and knew this one was going to be liquidated. It's who you know!

How did you finance this deal?

Traditional loan. This was my primary residence for just over 2 years to miss all capital gain taxes.

How did you add value to the deal?

A large remodel on the kitchen was performed. It was very outdated. I added a large granite island, new flooring appliances, etc. I updated the flooring through out the house, painted and updated all fixtures in the bathrooms.

What was the outcome?

Purchased for $230k. Sold for $310. Input $15,800 into rehab. After realtor fees and any other expenses I net profit $51,800 on my first fix and flip. I rolled that into my next investment flip.

Lessons learned? Challenges?

Laminate flooring does not hold up and is not worth it. I will not install that again.

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

Seth Bunting at One-Way Realty in Greeley, CO. He is amazing!

[Cassy T.]

Colorado is expensive. I am in my 2nd fix and flip (just over 2 years living in it) and plan to sell in June and move to Knoxville. I just cannot handle the initial buy in value here. A run down, gut job house on my street went for $340k the other day.  I will definitely be looking into the house hack method as I move to TN and get started there. Good luck here. You may have a good realtor, but if not I know a great one. He is also an investor and a great resource!