All Forum Posts by: Boone Tyson

@Chris H. Yes I will get someone to livestream on FB at the meetup. @Erik Orozco don’t let me forget lol

@Fito Landa 833 north ware road McAllen Texas 78501. It’s my office address

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $87,500
Cash invested: $12,500

Bought this as a fix and flip. Watched it off and on the market for about 4-6 months and finally made an offer to purchase a little below $58 per foot in an area that should resale at between $80-$88 per foot. Didn't love the house but knew the numbers made sense. Still under construction.

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

The numbers made sense. Thats literally the only reason. I actually didn't like the house at all until we demoed a bunch of stuff attached to it. Now I am so glad we bought it. It's amazing what a little demo will do.

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

MLS - Patience and a Cash offer

How did you finance this deal?

Line of Credit

How did you add value to the deal?

Full face lift and got rid of some terrible add ons

What was the outcome?

Still in progress

Lessons learned? Challenges?

Trust your numbers not your emotions

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

Real estate agent representing the seller

Investment Info:

Single-family residence fix & flip investment in Mcallen.

Purchase price: $82,000
Cash invested: $45,000

Finished and shooting photos today to list for sale. Hoping to sell around 155K. Will let you know when its sold.

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

The location is excellent. Highly desirable district. Solid margins with clear value add opportunities.

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

It was brought to us by a wholesaler and we offered about 3K below asking price

How did you finance this deal?

Line of Credit

How did you add value to the deal?

Full cosmetic remodel and partial gut job. Updated plumbing and electric, new interior AC unit, new flooring, full kitchen remodel, full bath remodels, repurposed square footage to add 2 bedrooms, cut out a bunch of overgrown trees and shrubs, fixed sprinkler system, added a functioning utility room, updated all fans and lights.

What was the outcome?

Decided to sell rather than BRRRR

Lessons learned? Challenges?

Went over time and budget. It was a larger project than anticipated. Learned one sub was overcharging and needed more attention. Will scale back his workload probably.

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

New wholesaler and a new attorney

@Greg Morris my email is [email protected]

@Dan Mackin

Great thread!

1. I’m an investor and real estate agent so I get both sides of the business. I flip and buy/hold. My goal is to fund the buy/holds with our flips.

2. House hacked our first live in flip 9 years ago and then started flipping more about 5 years ago. Got my license a year later.

3. Greatest lesson is to buy deals that give me multiple exit options. If you only have 1 out, it will eventually fail. If you have multiple, you aren’t as likely to get stuck with a bad deal or a loss.

You?

@Abiel De la Torre we will have a BP next Tuesday evening. The Reia I believe is either next Thursday or the 3rd thursday

@Eli Schwartz The investor found it. We simply facilitated everything for him And helped by being boots on the ground for him. He already has a pretty good eye for deals

@Eli Schwartz thanks man! We found another one last week that another investor off of BiggerPockets has under contract now. I haven’t seen very many good multi family deals but these two definitely were

@Ehsan Rishat Thanks man! Wish I had about 10 more of these