Albuquerque Fix & Flip

[Robert Carmody]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $146,000
Cash invested: $25,000

1956 Albuquerque uptown property purchased from family of original owners and in the process of preparing to list and sell currently.

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

I work with several investor clients who have purchased homes to hold as rentals or to flip, in the same general area, and so I had experience working with other investors and had a good grasp on this market and home buyer trends.

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

The property had several offers on it when it listed originally, including one that I had made for one of my investor clients. Our offer was the one that the seller accepted, however my client changed their mind about a week or two later and didn't want to proceed with the purchase due to personal reasons unrelated to the property. I was confident that this was a good opportunity and basically presented the seller with an offer that matched my client's same terms, and they agreed to work with me

How did you finance this deal?

Cash purchase

How did you add value to the deal?

Structure of the property was solid, roof was in very good condition, already had a new cooling unit. We made a few changes to the layout of the kitchen & dining area, removed an old wood stove, installed new windows, all new kitchen & bathrooms, flooring, paint, fixtures, etc.

What was the outcome?

Property is in final stages right now and will be listed within the next 2 weeks. There have been several good sales of very similar comps - same square footage/bedrooms/bathrooms/garage space - in the surrounding neighborhood. Two of the most recent were also properties that were being flipped, and were sold in the $225-235,000 range.

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

I am a full time agent in Albuquerque and have been very active representing investors in this particular area of town, so I handled the purchase myself, and plan to also list the property myself, through the brokerage that I work for. I work with a licensed team member who will handle the administrative end of the sale, and assists with marketing services also.