First Fix and Flip! Phoenix, AZ

[Chris Risi]

Investment Info:

Single-family residence fix & flip investment in Phoenix.

Purchase price: $291,000
Cash invested: $150,000
Sale price: $535,000

Phoenix, AZ. First fix and flip. Spent a lot more time and money than originally budgeted. I learned a lot, and made a bit of money in the process! I encourage everyone to do good research, know your numbers, and dive into your first deal! You gain so much knowledge, experience and confidence!

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

I'm from a real estate family so I have seen my dad do tons of flips and development in my life. I worked in a lot of start ups and industries, and finally decided to dive in full time as an agent and investor! I was inspired by Bigger Pockets podcast and Rich Dad Poor Dad (like so many thousands of others). I decided I needed to dive in.

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

I found it through Arizona MLS. I was able to partner with someone who had cash, so we were able to buy cash and quick close.

How did you finance this deal?

Cash partner.

How did you add value to the deal?

Bought it undermarket, renovated the whole thing, and IMPORTANTLY added square footage.

What was the outcome?

More time and money spent, but TONS of learning and confidence from it, plus a bit of profit.

Lessons learned? Challenges?

The biggest lesson I probably learned is how to budget labor and materials. I also found that most of the time, using high end finishes and materials is not the most important thing in a home of this price point in this neighborhood.