Flipper in Northwest McAllen. Lots of fun.

[Boone Tyson]

Investment Info:

Single-family residence fix & flip investment in Mcallen.

Purchase price: $87,500
Cash invested: $20,000
Sale price: $139,000

One of our better ones last year. Got it off market. Tenant had trashed the house and owner was out of the area. She wanted to sell and we had cash.

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

Area was great. House needed a lot of work but it was majority cosmetic. We were bidding against a couple other people. Offered less but had better terms.

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

Off market. Client wanted to list and I made an offer in as-is condition.

How did you finance this deal?

line of credit

How did you add value to the deal?

Paint, flooring, kitchen and bath remodels, landscaping, and took care of some issues impeding financing.

What was the outcome?

Sold it quickly. Came out beautiful.

Lessons learned? Challenges?

Its all about buying it right. We could've made a lot of mistakes and still made good money.