Mapleton bungalow fix and flip

[Kris Bashenow]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $140,000
Cash invested: $55,709
Sale price: $240,000

Bungalow fix-and-flip project in Mapleton area.

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

This project already had a lot of work completed and there wasn't too much needed. The ARV was low enough to be attractive to a large buyer pool.

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

A co-worker in my real estate office knew someone who wanted to sell off market and that I rehabbed homes. She introduced us and we were able to come together at a price that worked for everybody.

How did you finance this deal?

M&M Lending is a regional private lender who funded this project.

How did you add value to the deal?

Replaced the roof, soffits, fascia and gutters. Painted the exterior and interior. Did significant yard clean up. Refinished the original hardwood floors and ran matching red oak into the kitchen and mudroom. Painted the kitchen cabinets, installed quartz counters, new hardware and new appliance. Refreshed the bathrooms.

What was the outcome?

The home sold for $5k over-ask in less than 24 hours.

Lessons learned? Challenges?

Sometimes the easier flips are better.

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

I'm a REALTOR with F.C. Tucker and listed the property myself. MM Lending is a great regional lender who is easy to work with and their rates are reasonable.