Here is the most recent fix and flip I purchased. This home is in a small town outside of Greeley, Colorado and was an estate sale. I think the home will be a great fix and flip, but will need a lot of work. Here is a video of the property; video of new fix and flip. For more information on my fix and flipping check out my monthly fix and flip update for March and my monthly fix and flip update for February. I have two more properties under contract that will be fix and flips and I am working on a third this morning!
For more information on my investing strategies check out my complete guide to purchasing long-term rental properties.
Purchase details on this fix and flip
I bought this property for just over $80,000 and I think it will be worth $140,000 when I am finished with it. The home will need new carpet, paint, appliances, counters, fixtures and I may need to reconfigure some rooms. I estimate it will need $15,000 to $20,000 in repairs depending on if I put in a new kitchen or make due with the current one.
Interesting feature on this fix and flip
If you look at the front of the home you can see it has a very tall roof line. In fact the home is abnormally tall for a ranch. I was sure when I first saw the home it would have ten foot ceilings. When I entered the home there were eight foot ceilings. I looked around the home and found the attic access in the bathroom ceilings. In the attic access I could see the old ceiling two feet above the eight foot ceiling. At some point someone had installed a new ceiling two feet lower than the original ten foot ceiling.
I have no idea why someone would install an entirely new ceiling. Even if the old ceiling was falling apart, I would think it would be cheaper to repair that ceiling than to build a brand new one. I would love to have ten foot ceilings again, but I will have to talk to my contractor to see if it is worth trying to restore the old ceiling height.
This home also has carpet with no hardwood floors underneath. With this type and age of home I would expect there to be hardwood. I am wondering if the same people who installed a lower ceiling also covered up the hardwood floors with sub floor to put carpet in. We will see when the demolition starts!
For more information on flipping houses, including how I average over $30,000 profit on each flip, check out my bestselling book Fix and Flip Your Way to Financial Freedom on Amazon. It is available as a paperback or eBook.