Out-of-State Fix and Flip

[Sheila Smith Oliver]

Investment Info:

Single-family residence fix & flip investment in Austin.

Purchase price: $227,500
Cash invested: $110,000
Sale price: $419,000

Out-of-state fix and flip. Hired a team on the ground from FB Groups. Had a Section 8 Tenant for one month that we asked to vacate as the new owners so that the home could be repaired as it was not in a healthy living condition.

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

First time purchasing with a Section 8 Tenant. Although the tenant did not want to leave and had been there for 14 years, the home was in major disrepair and in order to keep the voucher the tenant was forced to move out.

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

New Western Wholesaler

How did you finance this deal?

Hard Money

How did you add value to the deal?

Major remodel and added enclosed garage.

What was the outcome?

48.6% Cash on Cash Return

Lessons learned? Challenges?

Not to panic and lower the price when it doesn't sell the first weekend. There were 3 listings in the neighborhood at the same time.

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

Yes