Bertwood fix and flip

[Becky Hoffman]

Investment Info:

Single-family residence fix & flip investment in Houston.

Purchase price: $64,000
Cash invested: $45,000
Sale price: $149,000

This property was a 3/1, 1,500 sf SFR located in a low socio-economic area of Houston.

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

This house was partially remodeled. It had great curb appeal and large open rooms.

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

A pocket listing from my realtor

How did you finance this deal?

100% funding at 12% & 1 point with a private lender

How did you add value to the deal?

Tore out flooring in the kitchen and leveled the pier & beam foundation. Installed HVAC system. Gutted kitchen and bath. Took down one wall. Blew insulation into attic. Added tile in kitchen and bath. Painted interior and exterior. Poured a new drive. Laid sod. Landscaped front of the house.

Lessons learned? Challenges?

Everyone loved the house but I had a hard time qualifying buyers because most had no social security numbers or ITIN.