Mcallen Flip during Covid 78501

[Boone Tyson]

Investment Info:

Single-family residence fix & flip investment in Mcallen.

Purchase price: $87,500
Cash invested: $27,500
Sale price: $155,000

House went for 20K over asking price right after the COVID restrictions lifted!!!

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

We bought it at a great price per square foot in a great location.

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

MLS. Made 3 offers over a 3-5 month period

How did you finance this deal?

LOC

How did you add value to the deal?

Demoed a bad addition and remodeled everything cosmetically inside.

What was the outcome?

It sold for way over asking price in the middle of a shortage of good inventory in that area

Lessons learned? Challenges?

We hated the house but knew the numbers made sense. Then once we decided to demo the addition, the house looked great and functioned correctly. Don't fall in love with a deal. Fall in love with the numbers!