Successful Fix & Flip in Sherman, TX

[Troy Olson]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $135,000
Cash invested: $40,000
Sale price: $250,000

I bought this property from a wholesaler and did cosmetic and a few mechanical repairs to the property. I completed this flip in under 60 days and got an offer within 3 days of being on the market.

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

Location, criteria and price

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

Wholesaler

How did you finance this deal?

Hard Money Loan

How did you add value to the deal?

I repaired the foundation, painted cabinets and updated countertops and backsplash, new flooring throughout, interior and exterior paint, filled the pool in the backyard and installed sod, new bathroom tile and hardware.

What was the outcome?

Sold property in 3 days

Lessons learned? Challenges?

Manage budget better. Learn more about city programs to help with flip projects.

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

I am an agent so I self-represented. I use a very good lender for hard money loans.