Fix and Flip in Fresno, TX

[Lavar Harden]

Investment Info:

Single-family residence fix & flip investment in Fresno.

Purchase price: $143,800
Cash invested: $42,515
Sale price: $220,000

Purchased at 143,800
Repair Costs of $36,445
Sold at $220,000
Gross Profit of $39,755

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

This was a great opportunity to get into a project in which the seller was negotiable and exhausted of the upkeep and maintenance on a two story home. This home was only the market for 6 days. Buyers are no longer solely looking at the home but also the community. This was in a great subdivision with plenty of amenities for the family. It was also located in a cul de sac and across the street from the community swimming pool.

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

Another agent that knew I was actively looking for a property with some meat on the bones brought it to me. Initially we were at about 163k which would not work for my profit margin. So I had to ask for additional money off the sales price based on the inspection report and the items that I hadn't account for when it comes the cosmetic overhaul. We went under contract for $150k; however, when the inspection report came back I requested another 20k off. We met near the middle at 143,8.

How did you finance this deal?

I used a hard money loan.

How did you add value to the deal?

We updated it.

What was the outcome?

Full price offer in under a week.

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

I'm a full-time agent but I actually let one of my friends list it for 1%.