How we got this home for 5K

[Larry Vestall]

Investment Info:

Single-family residence fix & flip investment in Cleburne.

Purchase price: $5,000
Cash invested: $185,000
Sale price: $272,000

Completely remodeled & updated featuring new electrical wiring, new plumbing, new foundation, two new HVAC units, new water heater, over 20 new windows, new engineered hardwood floors, and all new tile and carpets throughout! New kitchen cabinets, new stair railings, new light fixtures, new faucets, and new paint throughout! All doors are new except for some of the original closet doors. All restoration work has been completed to specifications and all original wood and artifacts were retained and restored where possible. Parlor, dining, & family room all contain the original art plaster-work on the ceilings & borders! Large yard with 20 x 30 workshop or garage, & wrap around deck!

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

the house had potential and was fixing to be knocked down by the City

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

drive buy, located the owners that had abandoned the property five years before and cut the deal.

How did you finance this deal?

Private bank

How did you add value to the deal?

restored everything brand new

What was the outcome?

still on the market

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

Greg Willis, broker