FIX and FLIP in North West San Antonio - Many lessons learned on this one!

[David Serna]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $200,000
Cash invested: $27,495
Sale price: $306,340

This project was a very interesting one! I had done many projects in the Metro Area of San Antonio, but I had always kept within certain parameters. On this specific project, I went for a little more ambitious agenda as the property at hand showed an ARV of AT LEAST 325,000, the property was two story, Property had a converted garage, and boasted a square footage of about 2,400 sq ft.
Overall, I did make a profit on this project even with all the challenges that came with it. ONTO THE NEXT!!

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

Been doing fix and flips for some time

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

This was a pocket listing from a Realtor

How did you finance this deal?

Hard money loan

How did you add value to the deal?

Rehabbed it

What was the outcome?

Sold it for 306,340 on the open market. Took me about 6-7 months to sell

Lessons learned? Challenges?

First, be in tune with the market and how clients can potentially react to the list price depending on the area. Second, if something is working out for you, stick to it. Third, I fell i love with the house when i first saw it and thought the end buyer was gonna fall in love just I had done. 4th and final lesson, be in tune with the area that you're buying!

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

I worked with Karen Baeza, Mortgage Lender in san antonio. She is bilingual and is very good!