3102 Wimberly St.

[Oscar Morales]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $65,000
Cash invested: $5,000
Sale price: $80,000

This was my first ever purchase at the age of 20. I bought this with the hopes of fixing it and selling it for a profit since the area it was in was on the downturn. I knew eventually this neighborhood would go up in price since it was close to downtown Houston.

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

I knew that purchasing a property in a downward neighborhood was a risk but eventually the price of the homes had to come back up because of the location. LOCATION, LOCATION, LOCATIOn

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

I actually did not find this deal. I was out of town working and my father was the one that found it.

How did you finance this deal?

This was purchased using and FHA Loan.

How did you add value to the deal?

I was able to add value by repairing the foundation and rehabbing the restroom and kitchen.

What was the outcome?

The property appraised at a higher value after all repairs were complete.

Lessons learned? Challenges?

Keep the properties longer if you expect that the neighborhood will be gentrified, or new businesses are coming to the area.