Sherman TX Flip - One of my greatest lessons to date!

[Tammy Patchin]

Investment Info:

Single-family residence fix & flip investment in Sherman.

Purchase price: $147,000
Cash invested: $80,000

SFH, 4/2, 2351 sq feet, 2 car garage, 1.5 acres

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

The bones of the home were great! It is in a beautiful area of Sherman TX and I could visualize what the home could be. Needless to say, the numbers were really good!

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

Cold calling estates

How did you finance this deal?

HML / Personal Funds

How did you add value to the deal?

Opened up the floor plan and remodeled entire home.

What was the outcome?

Home is being offered as owner finance with pending contract.

Lessons learned? Challenges?

This was by far my most challenging flip. This was 1 hour away from my residence and not being on site every day or multiple times week caused project to be delayed 6 months. I also learned the importance of paying based on progress vs. flat weekly rates. Secondly, this house was built into a hill. We had major foundation work done; however, the home will always have some un-level areas and this has been a concern for buyers. Not addressing these areas with floor leveler was a mistake.