Contrary to the glitz and the glam you see on HGTV, real estate investment is hard work (e.g., flying into Phoenix, renting a car to drive to Tucson, meeting with general contractors and touring two properties, then flying back in the same day). Today we’re doing something a little unprecedented: We’re carefully dissecting a real-life flip we pulled off this past year.
We bought the home at 2637 E 22nd St. for $68,000, threw $35,000 toward renovations, and came out of it up $27,000. We’ll share the good, the bad, and the ugly of how we were able to make it happen. Though some of our negotiation secrets we’ll keep close to the chest, we will walk you through our thought process in determining a market opportunity as well as our strategy to sell the home for top dollar.
Feel free to watch the full message or use these timestamps to skip to topics that interest you most:
2:39—How we found the property on 22nd Street through the MLS
5:20—How we decided the property would be a good investment using MLS tools
11:54—Explaining the fundamental investment logic that shaped our decision
13:00—Tour of the property amidst renovations
20:10—Photo gallery tour of the renovated property
25:00—Summarizing our selling strategy for the house
27:40—Wrapping things up
The main takeaway here is that we priced aggressively, put a nice product on the market, and sold it fast for a decent profit. Remember: Not every flip is a highlight reel home run. Make a profit, then move on to the next one. We also share some of our “pro-tips” like taking advantage of a loophole that you don’t have to be a general contractor to get a free pro-xtra account at home depot to save money on materials.
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