When it comes to real estate investing, sometimes you have to jump on a deal before it disappears… and sometimes it’s better to wait until you find just the right property.
The waiting game may not be as exciting, but Colorado real estate investor Nick knows just how important it is. Nick notes that, “Flipping houses is easier if you wait for the right first deal, and don’t flop the first one… because flopping the first deal can really make for an uphill battle. Luckily, every subsequent deal gets easier!”
A recent flip in Denver’s Perl Mack Manor neighborhood reinforced the importance of holding out for just the right property. Nick knew this three bedroom, 1957 ranch had tons of potential. He also knew it would be a lot of work.
This tenacious investor embarked on a gut remodel, taking most rooms down the studs. Over the course of the flip, Nick hauled nine 30-yard dumpsters worth of clean out, demo and various junk out of the home.
Along the way, Nick opened up the kitchen to the living room, fully remodeled the outdated kitchen with granite countertops and stainless appliances, and fully reconfigured both bathrooms. He framed out the basement to increase usable space, added two egress windows, installed vinyl plank flooring, and sanded and stained existing hardwood flooring.
But that’s not all. The flip also required a full electrical rewire — including a new panel — and a full re-plumbing with new PEX pipe. A complete landscaping rehab, in both the front and back of the property, completed the work. In the end, this formerly dated ranch was transformed into a light and bright modern home, ideal to charm potential renters and buyers.
This time, Nick had to send out lots of feelers. He didn’t have his own network of contacts to pull from prior to this job, so he had to find contractors and vendors using word of mouth and Craigslist. As he notes, though, now that he’s building that network, the next flip will be easier.
One contact definitely came through for Nick, however: New Western Acquisitions. As Nick notes, New Western is a “good, consistent source of deals.”