Updated over 5 years ago on . Most recent reply
Fix & Flip in East Texas
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $60,000
Cash invested: $40,000
Sale price: $164,500
This property actually used to be a church parsonage and was left vacant for many years. Typical 70s model home, several walls creating a small atmosphere, paneling on walls, carpet everywhere, very dated. We demoed walls, the kitchen completely, roof, and changed all paneling out with sheetrock.
What made you interested in investing in this type of deal?
Great money, improved the area for everyone, and managed to help a church out in a huge way.
How did you find this deal and how did you negotiate it?
Made a Facebook post and with my networking they contacted me.
How did you finance this deal?
Line of credit from a local bank.
How did you add value to the deal?
Complete remodel adding new countertops, flooring, sheetrock (Bullnosed corners), new roof, opened house up removing walls, and added wall in tile shower.
What was the outcome?
House was under contract within a week and profit was made.
Lessons learned? Challenges?
Always watch the contractors you hire and keep them motivated to finish on time. Communication with your team will make or break a deal.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No, did this only solo.