My most recent flip

By
Real Estate Agent with DeLex Realty

This home started as someone else's flip.

Yesterday, I mentioned some of the things they never show on the flip shows on TV. This is one of the many issues that may happen. This home was in the process of being flipped by another company in January of 2017 when a homeless person set fire to the patio. The fire spread making the home a total loss. Unable to continue the flip, the owner sold the home to me.

I purchased the home on April 7, 2017

I immediately began the demo, ordered new trusses and began to prepare for new construction. Obviously we pulled the required permits, had the home inspected and discovered several block walls required attention which we had not counted on replacing. We replaced the walls in time for the new truss system to arrive.

 The home was broken into, again and again....

Although we fenced the home, installed cameras and a construction alarm the home was broken into, over and over again. Many thousands of dollars in tools were stolen, materials were stolen and believe it or not, the Air Conditioner was stolen from the ROOF!

The home was finished in 55 days and listed on the market. 

We completed the home in just 55 days and listed it on the market. Unable to recoup all the costs of stolen items we made the choice 40 day into the listing to lower the price to recoup the original investment. The home sold that weekend and is scheduled to close escrow soon. 

Kitchen after completion

I am happy with the flip

I am happy with the flip as it was not about making money on this particular flip. The intention was to show potential investors and clients that I have the resources to turn horrible into very good, in less time than others. I was able to do what others say can't be done and I use it as a lesson for other investors when I teach classes of what can be done and the real problems you may face in the process. 

Posted by

James (Jim) Lord

jim@jimlordregroup.com

www.jimlordregroup.com

480-648-3378

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