My first flip! - Phoenix, Ariz

[Zack Bruce Lindsay]

Investment Info:

Single-family residence fix & flip investment in Phoenix.

Purchase price: $115,000
Cash invested: $30,000
Sale price: $180,000

This was the first flip project that I saw through from start to finish. My contractor and I picked it up from a wholesaler for 115k. It was a 2/1, which we converted into a 4/2, Investing 30k into the reno.
I was the listing agent on the sale. We netted 22k form the project.

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

My contractor brought the deal to me. I had never done a flip before and figured this would be a good first project to try my hand at.

How did you finance this deal?

CASH.

How did you add value to the deal?

The property was originally a 2 bed / 1 bath at about 850 sqft. The car port was converted into 2 additional bedrooms and inside laundry. The kitchen and original bath room were reconfigured in make space for an additional bath room. With those modifications the home was sold as a 4 bed / 2 bath at 1,130 sqft.

What was the outcome?

I partnered with my contractor and we split the cost of the renovations. My though at the time was that if I had a partner/contractor with some skin in the game that the project would move along quickly and be done in a quality fashion.
My contractor and I both made about 11k on the flip.

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

I was the listing agent for the sale of the home.