908 Woodland Dr Palestine, TX 75801

[Andrew Hodges]

Investment Info:

Single-family residence buy & hold investment in Palestine.

Purchase price: $48,500
Cash invested: $55,000
Sale price: $145,000

Completely renovated house, it was our first flip in Palestine, TX. There were many growing pains with this house. Particularly, the contractors in this area are subpar...Until, we found our current contractor, he is amazing and our secret weapon.

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

This was an Auction.com purchase. The price appeared to be very reasonable for the square feet. And, the potential to flip the property for a profit in this area was a big motivation.

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

Auction.com.

How did you finance this deal?

I was an active duty Marine, who was able to invest in real estate throughout my thirties, post divorce...I invested in VA and in CA, around military, beginning in 2009 until 2016. The cash investment was from the equity from my prior investments.

How did you add value to the deal?

We researched houses sold in the area, and my father( Randall R. Reddell) and mother (Louann Bransford) are Mortgage Loan Officers.

What was the outcome?

We made approximately 30k in profit.

Lessons learned? Challenges?

Find a good contractor and keep them happy. After three failures, we found our secret weapon.

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

I am not a fan of real estate agents in the area. Many of them do not follow through or understand what we are doing (small town mentality). Additionally, they make a profit for doing absolutely nothing. Therefore, we began to sell our future houses "for sale by owner".