Live-in Flip in Mesa, Arizona

[Evan Wells]

Investment Info:

Townhouse fix & flip investment in Mesa.

Purchase price: $165,000
Cash invested: $1,030

Current live-in flip, est. exit Q1 2022

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

The project is in an area that is very strategically located, but has not undergone the rapid gentrification that other parts of the Phoenix valley have (it's one of the very few places in town where you can get something under $200k that isn't a ruin).

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

I actually found this on the MLS, and later discovered that the owner lives out-of-state and

How did you finance this deal?

Conventional financing using a 5% down payment assistance program to limit my out-of-pocket investment in the deal. The seller kicked in the full 3% closing costs, bringing my total cash in the deal to ~$1,000.

How did you add value to the deal?

I had originally listed the second bedroom on AirBNB, but obvious that's not a hot market right now...but it's still a comfortable carry.

What was the outcome?

Still in progress!

Lessons learned? Challenges?

So far I've gotten much better at knowing what *I* should be looking for during an inspection, which will be useful in future deals.

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

Eric Smith @ Capstone Realty Pros is a great agent to work with, and works well with investors! Feel free to ask for his info.

[Remington Lyman]

Originally posted by @Evan Wells:

@Remington Lyman My sister actually lives in New Albany (with all the rich people in Columbus lol), so it's definitely a market of interest. Do you know what the gentrifying neighborhoods are in the metro? Or the neighborhoods that will be next to gentrify? 

North Linden, South of Main, Vassor Village, Woodland Park, MT Vernon, Milo-Grogan, Franklinton, Merrion Village, Hungarian Village, Southern Orchards, Driving Park, Olde Towne East, Franklin Park, King Lincoln, Old Oaks, Livingston Park are all but not limited to some areas in Columbus, Ohio I think will gentrify quickly and make for great long term buy and holds.