Fix and Flip in McAllen Texas

[Boone Tyson]

Investment Info:

Single-family residence fix & flip investment in Mcallen.

Purchase price: $82,000
Cash invested: $45,000

Finished and shooting photos today to list for sale. Hoping to sell around 155K. Will let you know when its sold.

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

The location is excellent. Highly desirable district. Solid margins with clear value add opportunities.

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

It was brought to us by a wholesaler and we offered about 3K below asking price

How did you finance this deal?

Line of Credit

How did you add value to the deal?

Full cosmetic remodel and partial gut job. Updated plumbing and electric, new interior AC unit, new flooring, full kitchen remodel, full bath remodels, repurposed square footage to add 2 bedrooms, cut out a bunch of overgrown trees and shrubs, fixed sprinkler system, added a functioning utility room, updated all fans and lights.

What was the outcome?

Decided to sell rather than BRRRR

Lessons learned? Challenges?

Went over time and budget. It was a larger project than anticipated. Learned one sub was overcharging and needed more attention. Will scale back his workload probably.

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

New wholesaler and a new attorney