Minimal Traditional in North Cliff Conservation District

[Luke MacLean]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $128,000
Cash invested: $30,000

A Minimal Traditional pier and beam in the North Cliff Conservation District of Dallas, which is being rehabbed down to the studs. We swapped out the original wooden piers for brand new concrete piers and steel shims. A new Hardiboard siding covers the exterior and a new roof should be going on this next week.

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

I have experience buying properties for a hedge fund, and I wanted to take what I learned and apply it to a deal.

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

Found on the MLS. Negotiated through a real estate agent.

How did you finance this deal?

I financed the deal through a Guidance Line of Credit at Prosperity Bank.

How did you add value to the deal?

$65k in rehabs.

What was the outcome?

Pending...

Lessons learned? Challenges?

Always get your permits up front.

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

Chris at Prosperity Bank.

[Mark Severino]

@Luke MacLean thanks for sharing! What did you calculate the ARV to be and how long do you think it will take to sell?