Fix and Flip in Bacliff Texas

[Michael Duval]

Investment Info:

Single-family residence fix & flip investment in Bacliff.

Purchase price: $138,000
Cash invested: $8,000
Sale price: $198,000

Purchased the home for $138,000 put $8000 in repairs into it. Home appraised as is before repairs at $186,000 and $194,000 after repairs. House is listed for $199,990 and I expect house to sell within 2 weeks of being on the market. Avg DOM are 7 in the area.

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

Lower risk high reward.

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

Wholesaler. I told them I would not purchase above 75%ARV-repairs and stuck with it. A lot of wholesalers try to play games and make it seem like they have tons of interest to drive the price up near 80%. I played hardball and it worked.

How did you finance this deal?

Hard money

How did you add value to the deal?

New paint on full interior and exterior. Replaced flooring in living room and master bedroom. Resurfaced the tub and shower.

What was the outcome?

Pending on the market.

Lessons learned? Challenges?

Don’t give contractors deposits. Had one disappear shortly after the job started.

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

Yes. Rachel Borgsmiller at Remax Fine Properties lists and runs comps on all of my deals. She was dead on with the ARV.