Fitzsimmons Fix and Flip Project - 2010

This became a hot area when the Fitzsimmons redevelopment project neared completion. The area just west of Peoria and north of Colfax became the new, hot area for housing sales. There were many foreclosure and short sale properties selling for $60,000- and fully remodeled homes were selling for $120k+

Our investor purchased this house for $65k and put approximately $12k into the remodel. In addition, they had a hard money loan that cost them about $2,500- in holding costs. Sales costs and concessions were about $9k. Total net profit on the sale was close to $21,500-

 

However, since then, and because I was featured in the Sunday Denver Post bragging about the great opportunities there, the remaining foreclosure properties all sold quickly and all new listings were priced much higher. So there are not any good opportunities to be found there now - but we did 4 successful deals before the market changed.

Now, there are other hot areas we are focusing on.

Click here to see the Denver Post story on Fix and Flip investing.