Purchased duplex to fix and flip but now considering holding it
Fort Worth, TX · Member since 2015 · 6 posts · 3 votes
Purchased duplex to fix and flip but now considering holding it
11 Replies
- 1yJaycee GreenePro MemberReal Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
Quote from @Genia Sanchez:
Investment Info:
Small multi-family (2-4 units) fix & flip investment.
Purchase price: $215,000
Cash invested: $60,000
I bought this property as a fix & flip, but now I am considering refinancing and keeping it and renting both units out.
What made you interested in investing in this type of deal?
I am a Realtor and was contacted to list the property and decided to purchase it as a FSBO.
How did you find this deal and how did you negotiate it?
I am a Realtor and was contacted to list the property and decided to purchase it as a FSBO, saving the seller listing fees allowing me to offer a lower price.
How did you finance this deal?
HML
How did you add value to the deal?
Complete remodel
What was the outcome?
Still in progress. 4 weeks left to completion
Lessons learned? Challenges?
I've learned how to prepare my proposed budget to better align with my draw request for the project.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Myself.
Hey @Genia Sanchez. I assume this property is in Ft Worth, is that correct? What do you think the property will be worth after you're done (aka ARV) and how much rent do you expect to receive?
- Fort Worth, TX · Member since 2015 · 6 posts · 3 votes1y
Quote from @Jaycee Greene:
Quote from @Genia Sanchez:
Investment Info:
Small multi-family (2-4 units) fix & flip investment.
Purchase price: $215,000
Cash invested: $60,000
I bought this property as a fix & flip, but now I am considering refinancing and keeping it and renting both units out.
What made you interested in investing in this type of deal?
I am a Realtor and was contacted to list the property and decided to purchase it as a FSBO.
How did you find this deal and how did you negotiate it?
I am a Realtor and was contacted to list the property and decided to purchase it as a FSBO, saving the seller listing fees allowing me to offer a lower price.
How did you finance this deal?
HML
How did you add value to the deal?
Complete remodel
What was the outcome?
Still in progress. 4 weeks left to completion
Lessons learned? Challenges?
I've learned how to prepare my proposed budget to better align with my draw request for the project.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Myself.
Hey @Genia Sanchez. I assume this property is in Ft Worth, is that correct? What do you think the property will be worth after you're done (aka ARV) and how much rent do you expect to receive
- Fort Worth, TX · Member since 2015 · 6 posts · 3 votes1y
Quote from @Genia Sanchez:
Quote from @Jaycee Greene:
Quote from @Genia Sanchez:
Investment Info:
Small multi-family (2-4 units) fix & flip investment.
Purchase price: $215,000
Cash invested: $60,000
I bought this property as a fix & flip, but now I am considering refinancing and keeping it and renting both units out.
What made you interested in investing in this type of deal?
I am a Realtor and was contacted to list the property and decided to purchase it as a FSBO.
How did you find this deal and how did you negotiate it?
I am a Realtor and was contacted to list the property and decided to purchase it as a FSBO, saving the seller listing fees allowing me to offer a lower price.
How did you finance this deal?
HML
How did you add value to the deal?
Complete remodel
What was the outcome?
Still in progress. 4 weeks left to completion
Lessons learned? Challenges?
I've learned how to prepare my proposed budget to better align with my draw request for the project.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Myself.
Hey @Genia Sanchez. I assume this property is in Ft Worth, is that correct? What do you think the property will be worth after you're done (aka ARV) and how much rent do you expect to receive
The property is in Burleson, just south of Fort Worth. There aren’t many comps for duplexes in this area, which makes it a little tricky to pin down values. There are more comps about 10 miles away, but that’s a very different market and demographic, so it’s not really apples to apples.
This is actually my first investment property, so I'm weighing my options carefully. I'm honestly a bit nervous about selling it and not being able to find another duplex like this anytime soon, which has me leaning toward keeping it. Based on my numbers, the ARV is around $369K if I list it. But if I refinance at $325K, I think I can get about $1,650 per unit in rent.
I'm just trying to make the smartest move I can without regretting it down the line.
- 1yJaycee GreenePro MemberReal Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
Quote from @Genia Sanchez:
Quote from @Genia Sanchez:
Quote from @Jaycee Greene:
Quote from @Genia Sanchez:
Investment Info:
Small multi-family (2-4 units) fix & flip investment.
Purchase price: $215,000
Cash invested: $60,000
I bought this property as a fix & flip, but now I am considering refinancing and keeping it and renting both units out.
What made you interested in investing in this type of deal?
I am a Realtor and was contacted to list the property and decided to purchase it as a FSBO.
How did you find this deal and how did you negotiate it?
I am a Realtor and was contacted to list the property and decided to purchase it as a FSBO, saving the seller listing fees allowing me to offer a lower price.
How did you finance this deal?
HML
How did you add value to the deal?
Complete remodel
What was the outcome?
Still in progress. 4 weeks left to completion
Lessons learned? Challenges?
I've learned how to prepare my proposed budget to better align with my draw request for the project.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Myself.
Hey @Genia Sanchez. I assume this property is in Ft Worth, is that correct? What do you think the property will be worth after you're done (aka ARV) and how much rent do you expect to receive
The property is in Burleson, just south of Fort Worth. There aren’t many comps for duplexes in this area, which makes it a little tricky to pin down values. There are more comps about 10 miles away, but that’s a very different market and demographic, so it’s not really apples to apples.
This is actually my first investment property, so I'm weighing my options carefully. I'm honestly a bit nervous about selling it and not being able to find another duplex like this anytime soon, which has me leaning toward keeping it. Based on my numbers, the ARV is around $369K if I list it. But if I refinance at $325K, I think I can get about $1,650 per unit in rent.
I'm just trying to make the smartest move I can without regretting it down the line.
Have you contacted any lenders about a cash out refi DSCR loan?
- 1yJaycee GreenePro MemberReal Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
Quote from @Jaycee Greene:
Quote from @Genia Sanchez:
Quote from @Genia Sanchez:
Quote from @Jaycee Greene:
Quote from @Genia Sanchez:
Investment Info:
Small multi-family (2-4 units) fix & flip investment.
Purchase price: $215,000
Cash invested: $60,000
I bought this property as a fix & flip, but now I am considering refinancing and keeping it and renting both units out.
What made you interested in investing in this type of deal?
I am a Realtor and was contacted to list the property and decided to purchase it as a FSBO.
How did you find this deal and how did you negotiate it?
I am a Realtor and was contacted to list the property and decided to purchase it as a FSBO, saving the seller listing fees allowing me to offer a lower price.
How did you finance this deal?
HML
How did you add value to the deal?
Complete remodel
What was the outcome?
Still in progress. 4 weeks left to completion
Lessons learned? Challenges?
I've learned how to prepare my proposed budget to better align with my draw request for the project.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Myself.
Hey @Genia Sanchez. I assume this property is in Ft Worth, is that correct? What do you think the property will be worth after you're done (aka ARV) and how much rent do you expect to receive
The property is in Burleson, just south of Fort Worth. There aren’t many comps for duplexes in this area, which makes it a little tricky to pin down values. There are more comps about 10 miles away, but that’s a very different market and demographic, so it’s not really apples to apples.
This is actually my first investment property, so I'm weighing my options carefully. I'm honestly a bit nervous about selling it and not being able to find another duplex like this anytime soon, which has me leaning toward keeping it. Based on my numbers, the ARV is around $369K if I list it. But if I refinance at $325K, I think I can get about $1,650 per unit in rent.
I'm just trying to make the smartest move I can without regretting it down the line.
Have you contacted any lenders about a cash out refi DSCR loan?
Forgot to tag you, @Genia Sanchez
- Member since 2024 · 11 posts · 9 votes1y
I would shop around and get an idea for what rates are gonna be on your refi. I would probably heavily base my decision on what the rate is gonna be, ARV, and my long-term goal. Can you afford to let equity build over the years, while potentially leverage any equity out of the gate after the re-fi?
- Fort Worth, TX · Member since 2015 · 6 posts · 3 votes1y
Quote from @James Hodgson:
I would shop around and get an idea for what rates are gonna be on your refi. I would probably heavily base my decision on what the rate is gonna be, ARV, and my long-term goal. Can you afford to let equity build over the years, while potentially leverage any equity out of the gate after the re-fi?
If I re-fi, I would have to take enough equity out to invest in the next project.
- 1yJay HurstBusiness MemberLender · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
Quote from @Genia Sanchez:
Quote from @James Hodgson:
I would shop around and get an idea for what rates are gonna be on your refi. I would probably heavily base my decision on what the rate is gonna be, ARV, and my long-term goal. Can you afford to let equity build over the years, while potentially leverage any equity out of the gate after the re-fi?
If I re-fi, I would have to take enough equity out to invest in the next project.
Make sure you understand "seasoning period" when you are trying to use the new value to pull cash out. You will be directed to a DSCR loan that has a short seasoning period but they will have higher rate/terms then other options. Make sure your lender has more then one option.
Hurst Real Estate, INC4.991 Reviews
- 1yAlecia LovelessPro MemberMember since 2019 · 3k+ posts · 2k+ votes
@Genia Sanchez The only deals I regret are the ones I’ve sold. If the numbers work and you can afford to keep it I would consider holding it. Your price point doesn’t appear to be so expensive that it wouldn’t make sense to hold it. Unless you will gain a significant return by selling and you have plans for the proceeds to be reinvested somehow I would keep it.
- Fort Worth, TX · Member since 2015 · 6 posts · 3 votes1y
Thanks Alecia. I appreciate the advice.
- Member since 2025 · 9 posts · 1 vote1y
Love seeing agents go operator mode. Curious since you’re mid-project, what’s been the hardest part to keep on track so far? Is it contractor coordination, budget vs. draw timing, or just juggling both units timelines?
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