Fix and Flip with Foundation Repair

[Sheila Smith Oliver]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $299,900
Cash invested: $46,000
Sale price: $410,000

Fix and Flip with foundation work. Would have had a much a higher return but chose the wrong flooring installer that vanished when the job was done wrong. Lesson learned! Still came out with 39% cash on cash return. Foundation repair was only $4500.

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

No competition. Purchased the week of Christmas.

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

New Western San Antonio (Wholesaler)

How did you finance this deal?

Hard Money

How did you add value to the deal?

New floors, paint, fixtures, repaired all the needed repaired including foundation and cleaned up the ADU

What was the outcome?

39% cash on cash return

Lessons learned? Challenges?

Stick with the contractor with the best reviews/ referral even if they are higher. FHA Buyer needed to wait the time frame for a flip and needed an extension.

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

Yes