El Paso fix and flip

[Dennis Juanir]

Investment Info:

Single-family residence fix & flip investment in El Paso.

Purchase price: $225,000
Cash invested: $30,000
Sale price: $340,000

Three level, single family home, 5 bedroom, 3 bathrooms.

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

This property is out of state for me.

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

Through a mutual friend.

How did you finance this deal?

Owner financing.

How did you add value to the deal?

Was able to partner up with a local investor in El Paso who was responsible for the rehab.

What was the outcome?

Loss $11,000. Gained knowledge about real estate market in El Paso and about long distance investing.

Lessons learned? Challenges?

Did not have much control with Contractor. Was not firm with budget for rehab. The local investor I partnered in El Paso was brand new. And I was easily pressured to sell at a discounted selling price.

Lessons: Learned all those above. Will and should not repeat in future deals.