All Forum Posts by: Travis Turner

Hey Michael, not sure on others experiences, but I have used the same strategy several times as well. The lender I worked with here in Lubbock, was able to get me into another primary loan once I lived in the property for 6 months (I didn't have to wait a year). I can get you plugged in with them, maybe that would help. I love the strategy, gets better property at much better terms. I would be interested to know where in Dallas you can find both sides of a duplex for 600k! 

The contractor was a GC, who was overseeing the work being done. Trouble started at the top, long story short may be going to prison. A quick google search I would recommend on anyone you are doing business with, even laborers. Each deal will teach you something new, and help you succeed in future. We run multiple crews and have some that work salary with us, sometimes you can lose track of what is going on when it gets busy!

Investment Info:

Single-family residence fix & flip investment in Lubbock.

Purchase price: $90,000
Cash invested: $35,000
Sale price: $166,000

This was an easier project. Some trouble with contractor lead to not as speedy of a remodel, but in the end completed the project for a good profit. I will take a win over a loss any day!

Lessons learned? Challenges?

Always stay on top of contractors, and NEVER give them more than they are owed. Control the money, win the game. Lessons will be learned in every flip and purchase.

Investment Info:

Single-family residence fix & flip investment in Lubbock.

Purchase price: $75,000
Cash invested: $65,000
Sale price: $181,000

This one turned out to be a little more work than original planned. With my conservative numbers however, most random issues that come up will be with house money, and we still turned out a decent profit.

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

Flipping is something that we do on a routine basis

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

This deal was acquired off the market by an interested seller who was looking for an agent. ALWAYS negotiate "as is" and get the best purchase price.

How did you finance this deal?

Financed through line of credit with local lender

How did you add value to the deal?

I coordinated the contractor, picked the interior and exterior color schemes, and handled the finances, as well as brought the buyer off market and closed the deal.

What was the outcome?

Home was flipped and sold for a profit.

Lessons learned? Challenges?

You will never think of everything to check out when looking over a property. Stick to the majors, and stick close to your numbers. Never fall in love with the deal, there is always another one.

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

I highly recommend myself and my services :)