Investment Info:
Single-family residence fix & flip investment in Rio Rancho.
Purchase price: $175,000
Cash invested: $26,000
Sale price: $305,000
Our client approached my partner and I with a home for sale. The property was in poor condition, with notable damage to the garage door resulting from a previous owner's car accident.
What made you interested in investing in this type of deal?
It had been a few years since my last fix & flip deal and I was ready to get back into the investment space.
How did you find this deal and how did you negotiate it?
The buyer came to us. We negotiated it as a buyer without commissions.
How did you finance this deal?
Local hard money investor.
How did you add value to the deal?
Repaired, exterior brick, interior paint, exterior paint, new bathroom surround, fixed windows, replaced doors, added closets, and updated fixtures and appliances.
What was the outcome?
We sold it in 2 days.
Lessons learned? Challenges?
Double-check paint samples in the sun. It was meant to be a grey house but looked blue in person.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a real estate broker. I also worked with another broker/investor in town.
