First Major Single Family fix/flip.

[Arthur Cofano]

Investment Info:

Single-family residence fix & flip investment in Grand Jct.

Purchase price: $160,000
Cash invested: $120,000
Sale price: $355,000

Above and beyond with the renovations. 2500 sqft 5 bedroom, 2 bath sf resident with detached oversized 2 car garage. Not a detail missed.

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

Even at my young age I felt I had the skills to take on such a major rehab. Real estate is my full time gig now and I’m looking to jump into any sort of investment if it’s the right deal and a smart decision.

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

I looked at the property a year prior to buying it and decided it was too much work. A year later it popped back up and I still hadn’t jumped into another property and took the leap.

How did you finance this deal?

The biggest want factor for this property was the fact that it was owner finance. I secured the deal at 10% down and a 30 year note with the intention of paying off full in 3-4 years. Immediate family funded this project and in the end everyone was happy.

How did you add value to the deal?

This rehab was a complete gut job. The entire interior was basically gutted and the exterior needed major curb appeal. Absolutely everything on this property was renovated.

What was the outcome?

I now have knowledge on every aspect in the rehab/flip process and will comfortably jump into my next investment. The house has over doubled in value and just closed with a sale price of $355,000.

Lessons learned? Challenges?

CONTRACTORS. the biggest headache on this property came with my first contractor and all the lies/ shoddy work that came with him. Every bit of this house was a challenge but that is expected on such a major rehab. All in all I couldn’t have had a better learning experience.

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

Absolutely. I have a someone on the list for any work you want done in the area. Anyone on the western slope of Colorado that is need of a recommendation can send me a message.