All Forum Posts by: Christopher Lessing
Christopher Lessing has started 5 posts and replied 22 times.
Post: So what's holding you back?
- Contractor
- San Antonio, TX
- Posts 26
- Votes 7
What's holding me back? Lack of funding... I Work full time with a part time side job and have a family. I want to really dive deep into real estate but find it hard to secure funding for deals.
I would love any advice I could get on how you guys with $0 get started on your first investment property. specifically I am interested in flipping homes and could use an investor that would be willing to partner with me.
Any tips or pointers for a young guy like me?
Post: Analyze My first deal in San Antonio, TX
- Contractor
- San Antonio, TX
- Posts 26
- Votes 7
Investment Info:
Single-family residence fix & flip investment in San Antonio.
Purchase price: $115,000
Cash invested: $15,000
Sale price: $155,000
This deal was a single family home that needed a few minors repairs and mostly cosmetic touch-ups. This was a live-in-flip deal that worked out well. We renovated the bathrooms and kitchen, updated the light fixtures throughout the home, and added a new A/C system to the home. With new paint, light fixtures, a new sliding glass door and an updated curb appeal, we were able to walk away after selling with a nice check for our next property.
What made you interested in investing in this type of deal?
We wanted to get started in real estate investing and thought a live-in-flip would be a great place to start.
How did you find this deal and how did you negotiate it?
We found the home through our real estate agent.
How did you finance this deal?
Using an FHA Loan, we were able to buy the home and complete the repairs for under $15,000.
How did you add value to the deal?
We renovated the bathrooms and kitchen, updated the light fixtures throughout the home, and added a new A/C system to the home. With new paint, light fixtures, a new sliding glass door and an updated curb appeal, we were able to walk away after selling with a nice check for our next property.
What was the outcome?
After the sale was all said and done, we had a check for $30k which was a little more than what we invested into the home considering 2 years of monthly mortgage payments. So we were able to get paid a little bit and live here for free for a little bit of blood, sweat and tears.