Fix and Flip in McAllen Texas
Investment Info:
Single-family residence fix & flip investment in Mcallen.
Purchase price: $54,000
Cash invested: $30,000
Sale price: $112,000
3/1, 1200 Square feet. Gutted and opened up the kitchen and living area. There was a partial 1 car garage conversion that we converted back to a garage which housed the laundry and WH. moved the AC and had to redo the old cast iron plumbing. Fun project
What made you interested in investing in this type of deal?
Easy area to resale. Good purchase price. We knew that at that price for purchase we would have a lot of options.
How did you find this deal and how did you negotiate it?
MLS. Lucked out and happened to view while the agent was at the property. Did a 90 second walkthrough and offered cash. She called the seller on the spot and we settled before we left the house and before anyone else could offer on it.
How did you finance this deal?
Line of Credit
How did you add value to the deal?
It was ugly and didn't flow well. We opened it up and redid everything.
What was the outcome?
Flipped and made about 20K after everything
Lessons learned? Challenges?
That area had issues with the old cast iron, so we learned to look out for that. Also learned to be aware of non-insulated walls with that construction. I had never opened up a span more than about 6 feet and this one was about 15-18 so that was interesting.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I'm an agent
