My first Sold Flip

[Corbin Hicks]

Investment Info:

Single-family residence fix & flip investment in Alvarado.

Purchase price: $190,000
Cash invested: $17,500
Sale price: $258,000

Got this deal from a friend of mine who wholesales (Angel Lopez with New Western). A 1 out of 50/100 kind of deal. This was a 2014 build on an acre in the city of Alvarado (just south of DFW) with only a new roof and cosmetic updates needed. Updates were quick and easy and then received a cash offer which led to a fast and easy closing. Listed this property myself so avoided commission on the Listing Agent side of things.
Wouldn't it be nice if all deals were this easy?!?

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

The Discount with how young the house was and how great of shape it appeared to be in.

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

Angel Lopez is a friend of mine that works for New Western in the DFW area. I got the packet and saw there were no cracks in any of the walls, no water stains, and overall the people living there seemed to treat it nicely. Thus, I bought the property sight unseen (it was a first come first serve).

How did you finance this deal?

Hard Money Loan. I have been using CapitalFund1.

How did you add value to the deal?

Junk removal, New Roof, New Carpet, New fixtures, Cut grass/clean up house

What was the outcome?

Cash offer for $258,000. Solid profit (around $40,000)!

Lessons learned? Challenges?

Sometimes it's alright to trust your judgement and buy unseen if it makes a lot of sense.
I also have been learning that I love to buy around the outskirts of the DFW and this property further cements my niche interest.

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

I listed this one myself. Though I can also recommend my buddy Angel Lopez the wholesaler who brought me this deal. Also can refer Luis Cota the man I have been working with for HML's over at capitalfund1.