First investment in Spring, TX

[Leonard Castleberry]

Investment Info:

Single-family residence fix & flip investment in Spring.

Purchase price: $172,000
Cash invested: $41,000
Sale price: $269,000

Very unfortunate situation with contractor caused this one to drag way out. Gorgeous home nonetheless. Project finally listed 01/14/2019. 5 bed 2.5 bath, 3,215 sqft. MLS #77499175.

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

Great numbers.

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

Realtor.

How did you finance this deal?

Hard money.

How did you add value to the deal?

Rehab.

What was the outcome?

Project listed for 7 days. Anticipating a buyer in the near future.

Lessons learned? Challenges?

Have a reliable general contractor, even if it is slightly more expensive! This 6-8 week project took 6 months and could have been avoided had I went with a reliable contractor.

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

Mark Montoya with the Jimmy Jane team, and Lending Home.