First Deal In The Bag!!

[Kimberlie Rodriguez]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $65,000
Cash invested: $73,000

We purchased a single family 2/1 home in a neighborhood we are familiar with, we are now in the rehabbing process and hope to sell very soon.

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

We knew the area the property was located in & it was located just 2 blocks away from the local elementary.

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

Friend of the family helped us find this deal, Owner wanted the appraisal value of $95k . After having a contractor walk the job and note all that was wrong, We used his bid of repairs to bring the price down. It also helped us to note we would be paying cash, could offer a faster closing and would buy as is.

How did you add value to the deal?

We are including several things into our rehab.
-New paint in & out.
-New Flooring.
-Adding Sheetrock to the half done garage.
-Doing all landscaping our-self's.
-Doing all cleaning our-self's too as we have started a make ready cleaning business for real estate professionals.

I welcome to ideas/ lessons from professionals that may help us add extra value with out spending a ton!

What was the outcome?

We are still in the rehab process

Lessons learned? Challenges?

Do not take anyone's word when it comes to repairs, walk the property with enough time to note and catch all details. Contractor missed the roof leak - found out he did not get on the roof at all.

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

Leslie Berg - Realtor in San Antonio, TX