Single-family residence fix & flip investment.
Purchase price: $250,000
Cash invested: $48,000
Sale price: $399,000
I took a nice house in a great neighborhood and gave it a 2019 update. We opened up the kitchen, den, and living area to an open concept great room with an eat in island. Top finishes for this Bellaire beauty.
What made you interested in investing in this type of deal?
High return on a project in a highly desirable Houston neighborhood that did not experience flooding.
How did you find this deal and how did you negotiate it?
I found this deal on MLS among all of the post-Harvey flood houses.
How did you finance this deal?
I used hard money and a private lender to fund.
How did you add value to the deal?
I changed the floor plan to be open concept, completely rewired the house, complete remodel of the kitchen and bathrooms with modern features and design.
What was the outcome?
The house sold quickly for full asking price.
Lessons learned? Challenges?
The big challenge here was with the GC who would not meet our time deadlines. Finish work was shoddy, and I had to hire another contractor to finish the job and redo some poorly done finish work. It took much longer than it should have taken to get it to market.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Armando Solis is the excellent contractor who saved the day. I highly recommend him.
Awesome job! Sounds like you make a nice profit on this one and the struggles you experienced were ultimately worth it.
Nice job, I live right by Bellaire, would have loved to see it.
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