Just closed on my first investment!!

[David Olson]

Hello everyone!!

It has been awhile since I have posted on BP. Mainly due to the fact that I was going through a 2 month closing process which is a long story and doesn't matter. What does matter is that I finally have my first property to my name which is something I have been chasing for a few years now. The house flooded during Harvey here in Houston but only due to the drainage pipe in the street collapsing causing the water to back up and to flood the home. This was the only house that flooded on the street and the city has since replaced the old drain with a new one. The street cut went about 1/3 of the way across the street so it must have been a fairly large repair.

The home is not in a flood zone and all the sheetrock has been removed. The home owners are still living there and have been living in the house since Harvey in August of 2017 which is honestly sad because I don't consider that home livable. 

A few stats on the home which we plan to flip.

• Purchased for $75k cash
• Rehab estimate is $50k
• ARV is $180 - $200
• Rehab time is estimated at 60 days (my business partner, whom I formed a company with, owns his own construction company and has his own crew so the cost will only be time and material with no markup)
• Since the sheetrock is removed I will seek a mold remediation certificate for the buyer

Anyways there are many more details than I listed above but that's the short version!! Feel free to ask questions or give insight!

P.S. I will post pictures of progress and plan to have a video log and hopefully a time lapse of the project.