1010 Elm St. 2nd Flip Project

[Kevin Vernon Parker]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $35,000
Cash invested: $100,000
Sale price: $219,000

Purchased from the Chief of Police for the city of Bonham. An old abandoned "drug house." Originally a 2 bed/ 2-bathroom conversion that was in desperate need of some TLC. We took it down to the studs, renovated entirely and added an additional 300 Sq ft. Complete with vaulted ceilings, 3 beds and 2bathrooms. A perfect example of how something classified as a "tear down" can be taken and turned into something grand and revitalized. GC credit goes to Vaquero Home Builders.

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

We could renovate and add square footage without too much push back from the city or a full tear down needed.

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

This was an investment decision that one of the community's citizens presented to me as they saw what we were doing in the town already on our first flip in this area.

How did you finance this deal?

We used hard money to finance this particular deal.

How did you add value to the deal?

I located, negotiated, assembled the lending operations, and project managed the deal. Assisting with all permitting and managing the city's expectations and following all necessary procedures.

What was the outcome?

This was a great flip product that resulted in a large return on investment.

Lessons learned? Challenges?

We had few challenges with this other than a few unexpected water leaks towards the end that had to be properly addressed prior to sale.

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

I worked with Vaquero Home Builders as my GC and partner on this particular deal. I'd highly recommend Vaquero to partner on future ventures. They were timely, organized, and very thorough with their process and production.