2505 11th St Galena Park

[Ling Tong]

2505 11th St, Galena Park, TX 77547

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $106,000
Cash invested: $43,000

Fix & Flip, Sell and cash out

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

Over 60k profit Margin

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

Wholesaler - FCFS and placed offer at day 1 of listing

How did you finance this deal?

Backflip, Short Term Loan, 83% LTV. about $35k down

How did you add value to the deal?

Big Remodeling

What was the outcome?

The remodels is estimated to complete in 8 months. It was a medium-level remodeling. However in the middle of the project, we find major flaws in the A/C so we have to re-do the entire A/C Duct replacement. This extra scope of work make it over budget and start eating profits.

Lessons learned? Challenges?

1. Manage a big remodeling jobs is not an easy task, however you need persistance.
2. Don't underestimate the delay in a flip project. some accidents and events (e.g. Houston's Hurricane, Flooding) will stop a project for a long time.

3. Always try to double the project budget & time to prepare for the worst.

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

Backflip LLC is an awesome company, they provided a lot of helps in this remodeling.