First Flip Went Right!!!

[Kami S.]

I started my REI journey a little less than a year ago here in Houston, TX. As like a lot of other investors it started with idea of RE to be a good vehicle to invest in, not having any source of info obviously googled for "REI forums" and guess what? I landed on BP, that's where my real journey started by listening to podcasts, reading articles, books and attending local RE meet-ups and connecting to other investors and vendors. Obviously RE field is so vast that I had many days of being overwhelmed and I still get overwhelmed sometimes with amount of information to absorb and digest, however that did not stop me form progressing in my journey, I continuously progressed little by little.

During this time thanks to my networking, started receiving wholesale "deals" from various wholesalers in town and without exaggeration I had to pass on at least 80 different deals until I landed on the one that made sense.  I was looking on fix and flip and not buy and hold, as you know you need to have higher margins, this is to those who say there is no good deal from wholesalers, you just have to look and pass on those that don't make sense to you.  I closed on a little bungalow (1060sqft) in East of downtown end of September of 2016 Started the rehab in October and finished by end of November, against all odds and suggestions listed the property end of November (typically the market is slow in December, and to reduce DOM people tend to hold on to their properties till new year) and within first week of listing received a full offer on asking price and closed on the house on the second week of January.

Lessons Learned:

1. Always do your own due diligence (ARV, Rehab Cost, Holding cost, market analysis, Purchase price...)

2.build your team of to go people, and investigate their track record

3.Don't listen to naysayers, and believe me there are so many out there

4. build contingency in your rehab numbers

5. never be afraid of jumping in and do it

6. Be consistence

7.and start taking action

Here are few pictures of before and after:

[Jerryll Noorden]

Hi, could I ask you to post a few pics of the shower?

If you do not have the pics please answer me this.

Did you use subway tile? Does anyone actually like subway tile or are people just brainwashed to like it just because it is "in".

For the life of me I can not understand how anyone would like those white cold institutional looking  tiles in their home...

[Andrew Taylor]

Nice work, @Kami S. Where'd you get the lead? What made you decide to pull the trigger on this particular deal? Some quick math using the 70% rule would tell most investors to pass on this one, but clearly you made it work.

I'm not second-guessing you at all, so please don't take it that way. I've been trying to find a deal for a few months - I'm a contractor in Houston, and I do rehab for a living, but I'm having a hell of a time finding a deal that fits that 70% rule. The wholesalers I've dealt with all either have never heard of the 70% rule, or they assume I've never heard of it...:)

If you don't mind my asking, what did you end up netting after your holding costs and cost of money?