Arvada House Flip - Did it the Right Way!

[Catie Lawrence]

Investment Info:

Single-family residence fix & flip investment in Arvada.

Sale price: $497,500

Beautiful fix n flip we did last year - this house turned out really well. We did this one right - upgrading everything, taking out walls to have the optimal layout. Ended up being one of our worst deals financially to date, as we invested a lot into it, to do it right and how we would want a house to be done. Still made a decent amount and we were able to pass over a beautiful home to the new owners!

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

The past few flips have been within a mile of our Arvada home, which has been extremely convenient for both myself (who works full time and can only help nights/weekends) as well as Mike, who can run home for lunch or over to the job to meet the trades.

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

Wholesale

How did you finance this deal?

Cash

How did you add value to the deal?

We did this one to the nines! New everything - from plumbing, to electrical, to gutting all of the bathrooms and kitchen - it was done as if we would have moved in. Mike does the work and doesn't cut corners - ever!! We ended up investing a lot more than we had initially thought, but it turned out beautifully!

What was the outcome?

Turned out beautifully - and it was done right. Being in this business we see a lot of people cutting corners, which is fine if you're not trying to get top dollar - and in this market, it's extremely competitive, so unfortunately people can get away with shotty work. Not our style.

Lessons learned? Challenges?

We could have still done this right and cut back in a few areas to make a better return - we put in money where most buyers don't understand the value, so we ended up a bit short. That being said, neither Mike nor myself regret doing things the right way.