Single-family residence fix & flip investment in Cypress.
Purchase price: $225,000
Cash invested: $20,000
This is my second live in flip house. This one was in alot better shape then my first flip house, but need some TLC and custom accents. It has a half cul de sac, detached garage. Build by Perry homes, nice lime stone brick on the front exterior of the house, nice open floor plan, 3 bedrooms, 2 full bath @ roughly 2300 sq ft. Huge backyard perfect for a pool :( I wish I would of found this house later in my journey because I would like to stay in this one much longer.
What made you interested in investing in this type of deal?
The profit I made in my first one was the deciding factor to catapult me into the real estate game.
How did you find this deal and how did you negotiate it?
HAR.com. The problem I had with this one, is I had to offer 10k more then what the list price was. Houston housing market as many know was HOT HOT at this time, but I still feel I got a smoking deal on it. 35 offers on this particular house.
How did you finance this deal?
Conventional loan on this one. Used my profits on my first flip to get away from the mortgage insurance.
How did you add value to the deal?
This house was all cosmetic.. It seemed to me the original buyers didnt touch a thing in the house. Still had the builder grade paints, light fixtures, flooring. Was a blank slate. Since the purchase I have added flooring throughout, paint, light fixtures, custom pergola in the backyard and spiced up the office and breezeway.
What was the outcome?
Still living in this house. I've tossed the idea of putting a pool in at this house and staying long term.. maybe doing some house hacking with Air bnb, but I'm not 100% sure what to do at this point. August 2019 is my two year threshold, so no rush at this point.
Lessons learned? Challenges?
Not many new lessons learned on this one. I would say the most challenging part was installing 1100 sq ft of flooring by myself lol.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My good friend Jose figarella was my realtor on this house.
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