Single Family Flip in College Station

[Matt McGuire]

Investment Info:

Single-family residence fix & flip investment in College Station.

Purchase price: $162,000
Cash invested: $30,000

This house was a rental for 20+ years and had been let go. It was completely overgrown with vines and had not been updated at all.

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

It needed a lot of work but it had a brand new roof, newer AC and hot water heater. I had the foundation inspected before I bought it and it didn't need repair so it seemed like a good flip.

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

I met a realtor over there and he found it for me. He called me and facetimed it. I ran the numbers on the BP calculator and we made an offer. We did get some inspections and asked for concessions. The house was not listed yet, but the owner wanted 175k for it.

How did you finance this deal?

Hard money.

How did you add value to the deal?

New flooring throughout, new paint in and out, cleared all the trash and a ton of brush from the yard, new appliances, landscaping, etc.

What was the outcome?

It is currently listed for $269000. We shall see....

Lessons learned? Challenges?

It is my first flip. I learned that I didn't add enough budget for repairs. I ended up doing some of the work myself and made some other changes to save money. Overall I think it will be a positive outcome, but next time will be better.

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

Colin Clark with Century 21 in College Station. He is an investor-minded realtor and I would recommend him to anyone.