BRRRR or Fix and Flip in McAllen

22 Replies

Investment Info:

Single-family residence buy & hold investment in Mcallen.

Purchase price: $82,000
Cash invested: $25,000

Bought to potentially BRRRR or Flip. Can't wait to see the finished product

What made you interested in investing in this type of deal?

Love the location. Big lot, mature trees, lots of potential

How did you find this deal and how did you negotiate it?

Wholesaler friend brought it to me. Negotiated after walkthrough

How did you finance this deal?

Line of Credit and structured as a cash offer

How did you add value to the deal?

Gut job remodel

What was the outcome?

Still in progress

Lessons learned? Challenges?

LOCATION LOCATION LOCATION

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

A wholesaler and her attorney business partner

Always doing deal congrats @Boone Tyson . We need some details brother! Whats this going to appraise at or range you think it will list for? What type of line of credit are you using, HELOC?

Hey @Erik Orozco ! Good hearing from you again bro! Hard to say what it will appraise at man. Its in Milam and that area has been blowing up. Im hoping it will go for 175K if we sell it. If it will appraise over 150k, we won't have to leave anything in it on a BRRRR. good options either way.

Hows your business going?

Woooow those are great numbers! Makes me want to get into flipping...Miliam, that Nolana and 10th area right? We should get on a call or grab coffee, I'd like to check out your operations.

We're doing great. Building 2 4-plexs right now in Weslaco the 1st should be completed in about 30 days. Rentals is a different game than flipping though, its slow money. 

This post has been removed.

@Gerino Alejos it's a pleasure to meet you. What brokerage do you work for? I'm interested in learning about commercial loans. My wife has a daycare business in Weslaco and we're interested in building/purchasing a commercial space in the future.

This post has been removed.

Love the posts @Boone Tyson . Erik Orozco, why are you building 2-4 plexs vs buying and why Weslaco? I'm new to real estate investing and am planning on getting a 4 plex somewhere around the McAllen area by the end of next year. In the future, I'd like to move to 5+ unit apartments so it'd be good to meet you also Gerino Alejos.  I'd love to meet up with ya'll some time. Has there ever been a bp meetup in McAllen? Thanks.

As far as the BP meeting @Joseph Ryan , @Boone Tyson and I had discussed this some time ago. Someone has to start the group, organize it and lead discussion maybe bring in local investors to speak. We can create it and have the 1st meeting in December.

I'll dm you my reasons for building instead of buying right now. 

We can get some local lenders/vendors to maybe provide food or drinks and give them the opportunity to promote their companies. The first couple of meetings might be a great time to get to know everyone and network. After that, we can really start bringing people in or even having people teach on some various aspects of their business or investing. I can take the lead on it and even get the PRO membership.

@Boone Tyson

Great job those numbers look great. I have been looking around but everything in the RGV In my opinion is overpriced right now. I am looking at MFH to invest in but everything is 350-400k. I recently bought a triplex for 150k and remodeled it, in the process of cashing out and getting my money back so I can re-invest. I’d be interested in the meetup as well. Please keep us informed.

Good morning all. Our first meeting is tentatively set for Monday December 16th from 7-9pm at Buffalo Wild Wings. Below is the BP Meet Up link or on the home page select network>events to see more details. I look forward to meeting and networking with you all.

https://www.biggerpockets.com/...

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here