All Forum Posts by: Christopher Burgos

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $768,000
Cash invested: $81,000
Sale price: $1,048,000

Incredible Flip that brought a 47% ROI. 5 bed 2 bath home built in 1978. Peaceful passing in the home allowed for a cheaper purchase price. This was my first project pooling funds and it was a huge success! The home had a brand-new HVAC and new windows. It was a fairly easy cosmetic flip. We did decide to use a designer (Against my better judgment) that costs us a pretty penny but our investors left happy!

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

It was a timely opportunity that we had to act on immediately and we did

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

Wholesaler introduced the seller to us

How did you finance this deal?

212 Hard Money Loan

How did you add value to the deal?

Full Cosmetic Renovation

What was the outcome?

47% ROI for our investors and this deal really shook the ground for us. We double-dipped the deal as well and got handsomely compensated on a 3% listing Co-broke

Lessons learned? Challenges?

Don't assume that because someone is a "Real Estate Professional" That they are going to do the job correctly. Unfortunately, my partner had n emotional attachment to the hoe and to our team so there should have been more logic-driven decisions which would've shortened our timeframe.

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

No

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $578,000
Cash invested: $68,000
Sale price: $819,000

My first flip on my own. Nice little cottage in beautiful Hillcrest, San Diego! 2 bed 1 bath 600 sqft and turned it into 2 bed 2 ba with all updated floors, paint, countertops, cabinets, appliances, etc. I panicked because the home was built in 1918 and with all the headache I saw coming I didn't know if I could get my money out. Luckily, I found out that the home was classified as a historical home so we were able to recoup our money and actually made a 32% ROI

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

I wanted to get into my first flip

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

A Wholesaler sold it to us

How did you finance this deal?

Hard money loan with 212 Loans

How did you add value to the deal?

We did a full cosmetic renovation pluse added plumbing and electrical for a new bathroom

What was the outcome?

A beautiful little cottage that made us a 32% ROI

Lessons learned? Challenges?

I was trying to do too much work for it. I was relying too heavily on only one contractor that had only done a few jobs for me. After seeing how much longer it was going to take I did my due diligence and gladly found the historical reference of the home which helped us add 16% more value

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

No

Investment Info:

Townhouse buy & hold investment.

Purchase price: $373,000
Cash invested: $4,800

Beautiful 3-story townhome in San Diego "suburbs" across the street from the larget hiking area in San Diego County

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

I wanted to buy y first property at 20 years old and use my VA loan for the first time

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

Driving around looking for for sale signs

How did you finance this deal?

VA Loan

How did you add value to the deal?

I renovated all 3 bathrooms myself and added additional improvements like backsplash, LED Mirrors, LVP flooring, etc.

What was the outcome?

Ended up renting to a travel nurse that paid 6 months upfront

Lessons learned? Challenges?

Don't wait for any assumed obstacles to take place. Waiting is just as bad as not even considering it. If you wait for the perfect time, you may never take that step forward.

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

I used a Real Estate Agent but I wouldn't recommend him now that I understand some of the different things he didn't do correctly