First Flip Went Right!!!
I started my REI journey a little less than a year ago here in Houston, TX. As like a lot of other investors it started with idea of RE to be a good vehicle to invest in, not having any source of info obviously googled for "REI forums" and guess what? I landed on BP, that's where my real journey started by listening to podcasts, reading articles, books and attending local RE meet-ups and connecting to other investors and vendors. Obviously RE field is so vast that I had many days of being overwhelmed and I still get overwhelmed sometimes with amount of information to absorb and digest, however that did not stop me form progressing in my journey, I continuously progressed little by little.
During this time thanks to my networking, started receiving wholesale "deals" from various wholesalers in town and without exaggeration I had to pass on at least 80 different deals until I landed on the one that made sense. I was looking on fix and flip and not buy and hold, as you know you need to have higher margins, this is to those who say there is no good deal from wholesalers, you just have to look and pass on those that don't make sense to you. I closed on a little bungalow (1060sqft) in East of downtown end of September of 2016 Started the rehab in October and finished by end of November, against all odds and suggestions listed the property end of November (typically the market is slow in December, and to reduce DOM people tend to hold on to their properties till new year) and within first week of listing received a full offer on asking price and closed on the house on the second week of January.
Lessons Learned:
1. Always do your own due diligence (ARV, Rehab Cost, Holding cost, market analysis, Purchase price...)
2.build your team of to go people, and investigate their track record
3.Don't listen to naysayers, and believe me there are so many out there
4. build contingency in your rehab numbers
5. never be afraid of jumping in and do it
6. Be consistence
7.and start taking action
Here are few pictures of before and after: