Single-family residence fix & flip investment in San Antonio.
Purchase price: $115,000
Cash invested: $15,000
Sale price: $155,000
This deal was a single family home that needed a few minors repairs and mostly cosmetic touch-ups. This was a live-in-flip deal that worked out well. We renovated the bathrooms and kitchen, updated the light fixtures throughout the home, and added a new A/C system to the home. With new paint, light fixtures, a new sliding glass door and an updated curb appeal, we were able to walk away after selling with a nice check for our next property.
What made you interested in investing in this type of deal?
We wanted to get started in real estate investing and thought a live-in-flip would be a great place to start.
How did you find this deal and how did you negotiate it?
We found the home through our real estate agent.
How did you finance this deal?
Using an FHA Loan, we were able to buy the home and complete the repairs for under $15,000.
How did you add value to the deal?
We renovated the bathrooms and kitchen, updated the light fixtures throughout the home, and added a new A/C system to the home. With new paint, light fixtures, a new sliding glass door and an updated curb appeal, we were able to walk away after selling with a nice check for our next property.
What was the outcome?
After the sale was all said and done, we had a check for $30k which was a little more than what we invested into the home considering 2 years of monthly mortgage payments. So we were able to get paid a little bit and live here for free for a little bit of blood, sweat and tears.
Sounds like a win to me. The next one will be even better, I'm sure. Congratulations on living for free!
Thank you! We are thinking about renting our current home and looking for another flip or potential investment property here in San Antonio, TX
Sounds pretty good, hopefully the next one gets a little easier and better as well!
Glad to hear it went well! I'm sure performing the renovations yourself helped you realize what is and isn't worth contracting out in future flips. Also, you'll be able to recognize when contractors are trying to overcharge you. Hope you can find another one soon!
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