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Follow Sean The Sickest Fix & Flip Ever…with a $43K Profit?
29 Jan
Posted By Sean Terry | January 29, 2009
These Pictures are NOT for the Faint-of-Heart…View With Caution!
We purchased this property Villa Maria for $87,000 at the Maricopa County Court House Steps in an auction on 8/19/08. It’s a 3 bed 2 bath home located in Glendale Arizona in a nice neighborhood just 7 minutes from the University of Phoenix Stadium where the Arizona Cardinals play football.
Front and Entry
Dog Pooped in the House
Kitchen, Master Bed & Bath, Back Yard, Side Yard With Baggies of Human Poop
Pool Was Fill in by the City of Glendale
We put about $38,000 of renovation into this property which appraised for $215,000 just a month after we bought the house. We sold it to a local investor for $173,000 9/19/08. We made a net profit of roughly $43,000…not a bad deal in this crappy market! The foreclosed owner was single mom with 2 kids that lived in this house when we took possession, a dead beat dad left them for 6 years with no running water. In their divorce decree he was to pay the mortgage and maintain the home. We hunted him down and made him pay for a new condo to house his abandon family and referred her to a great attorney. He’s toast!!!
After Pictures
We Dug Out The Pool and Saved It
This was by far the worst house on the block, we made it the best house on the block and had a blast doing it!
Learn how you can Buy Renovated Cash Flow Properties with a Tenant in Place For Only $7,500 Total out of Pocket. Click Here
Happy Investing!
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I can attest to this fix and flip. I am a REALTOR and I was driving nearby when Sean called me. He asked if I had my camera. I did and went over right away to take those before photos. I still tell the story of this place to people that care to hear it. I wanted to take a shower the minute I left the place.
Sean and Mike are really good at what they do. Their experience is invaluable for anyone that wants to get into this business.
Hey Jim,
You are right! This was a shocker when we went into this house. Thanks for taking the pictures and I hope you got the stink off you!!! Ha Ha
Sean & Mike Interesting post. That was a classy act helping out the single mom & kids.
How long did the renovations take? Why didn't you just wholesale the deal for let's say $117K?
How did you guys determine ARV?
Thanks for the comment Mario, the renovation took roughly 2 weeks to complete, we took four 40 yard roll offs of trash out of that place. We could have sold the property wholesale but our business model at FortressInvestor.com is to sell turn-key cash flow properties for $7,500 total out of pocket. Our buyers will refinance our seller financing at 75% of the appraisal plus the $7,500 down payment. Let me know if you have anymore questions. Thanks
Hi Mario; It's Mike here. The rennovations took about 3 weeks. Because of the disgusting condition of the property — not just the excrement everywhere but we also had to jackhammer the hall bath to replace the broken plumbing lines — this was a property that most investors wouldn't have the stomach for in 'as was' condition. We had investors in our pipeline that wanted the property, as long as we took the risk out and put it through our remodeling/tenanting program. The best part is that in addition to us making a nice profit on this house, the investor purchased it with very little money down, received 20%+ equity in the house based on the bank's appraisal (this determines the Retail Value), and is already cash flow positive on the transaction. He has now purchase 3 properties from us and is looking for ways to buy more. In the end, we helped the single mom & her kids, we delighted the neighbors who came out in numbers to thank us for cleaning up the worst house on the block, and both the investor and us were able to profit as well. Thanks- Mike.