$42K profit from a BiggerPockets introduction
Shout out to Bryan Hancock who turned me on to Centarl East Austin in early 2011 and introduced me to another investor/builder working there a few months later.
I partnered with the guy Bryan introduced me to on an extreme rehab, which was essentially a new build. We bought a sorry excuse for a house in a gentrifying neighborhood east of downtown. My vote was to tear it down, but my partner and the bulder wanted to salvage it so we could work with grandfathered setbacks and a somewhat less demanding permitting process.
We raised the 600 SF house 2 feet, and added 900SF of new space. We finished with a "better than new" 1500SF 3/2, that we sold for $100K gross profit. My net was $42K.
This year I am working with Bryan on some other projects in the same neighborhood, as well as will other partners with and without Bryan.
In a future post, i'll talk about marketing for wholesale buys in Austin, which is another BP partnering success story.