Started off family home turned fix and flip
Investment Info:
Single-family residence fix & flip investment in Houston.
Purchase price: $145,000
Cash invested: $88,000
Sale price: $350,000
Was planning on this being a semi-permanent family home... but of course a deal that was too good to pass up came along, and so we sold it in a hurry to purchase another single family. Needed the cash quick and had never given any thought to a refinance or HELOC. Super stressful for the family, but got the cash I needed to move forward and buy what I consider to be a unicorn deal off Craigslist.
What made you interested in investing in this type of deal?
It started off as a family home
How did you find this deal and how did you negotiate it?
An old family friend was selling properties and this fell into my lap... just a no brainer great deal.
How did you finance this deal?
30 yr conventional with a home style renovation loan
How did you add value to the deal?
Fully gutted and rebuilt the home
What was the outcome?
Got a great deal of cash from the home
Lessons learned? Challenges?
Very difficult dealing with a bank to get cash to renovate a home. Lots of red tape, but ultimately made me stronger with my organization, planning and creativity.