1436 E 10th St. Our 1st Flip!

[Mark Caudill]

Investment Info:

Single-family residence fix & flip investment in Pueblo.

Purchase price: $65,000
Cash invested: $30,000
Sale price: $134,000

3/1 1055sq ft 1920 build.
New:
Plumbing
Electrical
Kitchen
Bath
Windows

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

As a General Contractor I could see what needed to be done was within the scope of one man (me).

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

Thru my awesome realtor! Seller was asking 80k, offeres 65k no contingencies and fast close. Thi it still took 30 days due to the holidays.

How did you finance this deal?

From a hard money lender, 15% down, 10.75% 12 months, interest only. 100% of rehab financed

How did you add value to the deal?

New plumbing, electrical, windows, int and ext paint, remodeled kitchen and bath Refinished original floors

What was the outcome?

Asking 139,900. Had an offer less than 24 hrs. Week and a half later offered 143,000.

Lessons learned? Challenges?

I lived in the flip during the 11 week rehab. My home was 100 miles away.
Take scheduled time off. Dont work 24/7. Not good for your mental health.
Keep a schedule and stick to it
Do receipts at the end of the day or they will multiply!

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

Yes!
Meghan Hunt Homesmart Preferred Realty
Pam Cassidy Housemax USA
Stewart Title Parker CO