Fix and Flip

[Emily Alexander]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $299,000
Cash invested: $23,000

3 bedroom, 2 bathroom single family home in Red Oak, Texas with tons of upgrades including:
*Brand new white and red oak wood floors
*New windows throughout the house
*Updated kitchen
*Updated bathroom
*New carpeting
*New drywall throughout the house
*Fresh paint
*New electrical
*Fixed foundation
*New solid core doors

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

My husband and I wanted to try to do a fix and flip. This is in a beautiful neighborhood in Red Oak/Ovilla and most houses in the area sell for $400-450k.

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

Found on Realtor.com, financing had fallen through 3 other times for other buyers and we were able to close and buy it.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

*Brand new white and red oak wood floors
*New windows throughout the house
*Updated kitchen
*Updated bathroom
*New carpeting
*New drywall throughout the house
*Fresh paint
*New electrical
*Fixed foundation
*New solid core doors

What was the outcome?

$80k debt, plan to refinance when construction complete

Lessons learned? Challenges?

*Don't need to do all of the electrical
*Didn't need to fix the foundation
*Put more money into fixing up bathroom and kitchen instead of making custom choices (hardwood floors, solid core doors, new electrical, etc)

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

Tim and Troy with WeDoLoans in Texas