All Forum Posts by: Brandon Cuellar

Haven't updated this much but I signed the papers today to sell the house. Here were the results:

Ended up listing the property for $114,900 per my realtor's advice. We received a full price offer within a few weeks but the buyer backed out the last day of the option period because he "decided not to buy a house". My realtor did mark the house as "pending" during the time it was under contract and I'm glad she did it that way.

We left on the market for another couple weeks at $114,900 then dropped to $109,900. We received a full price offer (but paying $1,000 of buyer closing costs) within a week.

Appraisal came in at $108,500 so we adjusted price down to that and changed it to us not paying any buyer closing costs.

I'm happy with the outcome considering all the work the house needed and I'll definitely be on the lookout for my next flip.

Final Numbers

Net Funds to Seller (After closing costs): $99,783.18

Total Cash Invested: $83,435.98

Final Profit: $16,347.20

@Kyle Mccaw Going pretty good overall. Had a dispute with the neighbor over the property line since we were putting up a fence. Got it resolved after a few phone calls and sending the neighbor the survey. Other than that, just trying to be patient during the rehab process 😬

I closed on my first flip last month and wanted to share my experience so far. Quick background about me, I'm a sales manager at a Honda dealership and have completed one wholesale deal earlier this year.

Location: Fort Worth, TX

Type: SFM 2 bed/1 bath (768 sqft)

Price: $53,500

Rehab: $20,000

ARV: $100,000

I found this deal on Facebook marketplace. It was posted by a realtor who was helping a couple wholesalers move the property. I contacted her and got some info on the property. She posted 2 houses that are right next to each other that were almost identical and the same price (one vacant and one occupied). After seeing how much crap was in the occupied property, I opted for the vacant property.

The property was listed for $55,000 and after looking at the comps in the area, I decided the ARV would be right around $100,000. The property needs almost everything so I budgeted $20,000 for the rehab. I initially offered $50,000 but we settled on $53,500. 

Now that we had the sales price agreed to, the next part was a bit tricky. The realtor didn't to show me the contract between the seller and wholesalers because they didn't want me to know how much they were making on the deal. I expressed to them that I'm not taking on a contract that I've never even seen. Turns out, the wholesalers had a one page contract signed with the seller that I wasn't comfortable with so I asked that they resign the seller with a TREC contract. The wholesaler had never used one so I drew it up for them and they had the seller sign it after a few days (the seller was in their 90 days so they had to have her sign in person). Finally, I signed the assignment on April 30th and we were able to close on May 7th.

I funded this deal with a personal line of credit through my local credit union for $30,000 (8.95%), partnered with my mother-in-law and she put in $15,000 and paid the rest with my personal funds. I plan on funding the rehab with my personal funds.

So far I have done the following rehab:

Foundation: $3,400

Roof: $3,000

I found a contractor that is going to do the cosmetics (inside and out) for $5,000 + materials so he just got started last week. I'm excited to see how the property turns out and to get it on the market.

This is amazing. Congrats on your success. What an inspiration to stay focused!

I'd love to get one as well but I've seen quite a bit of issues with the quality of build lately.

I'd recommend Kelly with Easy Street Capital

https://www.easystreetcap.com/

Start here: https://www.biggerpockets.com/store/how-to-invest-in-real-estate-ultimate

Wholesaling may be a good way to get your foot in the door while making some money. I'd recommend getting a credit card in the meantime.

I would try to find something that has a a better rent to price ratio. This one is only 0.85%. This isn't the only factor I look at when making a purchase decision but with it being this low, I would pass on this and find something else.