FIX & FLIP |HOUSTON, TX | AUG 2020 - DEC 2020

[Wale Lawal]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $34,000
Cash invested: $70,000
Sale price: $142,000

Completed a full rehab at a 3 Bed/1.5 Bath Single Family Home in Houston.
Replace with a brand NEW 30-Years ROOF and Beautiful Landscaping.
NEW stainless steel appliances, NEW granite countertops throughout, NEW backsplash, NEW cabinets.
Freshly painted throughout.
NEW Waterproof Vinyl and tile flooring, NEW Siding, NEW light fixtures throughout.
NEW Water Heater, NEW HVAC.
Updated Electrical/Electrical Panel, Plumbing, and Fixtures, New Ceiling Fan in all rooms, NEW Garage door.

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

I wanted to help the seller (a senior citizen). I saw the opportunities to add value to the house and the neighborhood.

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

Found on Local Facebook Group through Seller's Grandchild. He Pretty much wholesale his Grandpa house to me...... smile.

How did you finance this deal?

Local Hard Money Lender.

How did you add value to the deal?

Completed a full rehab at a 3 Bed/1.5 Bath Single Family Home in Houston.
Replace with a brand NEW 30-Years ROOF and Beautiful Landscaping.
NEW stainless steel appliances, NEW granite countertops throughout, NEW backsplash, NEW cabinets.
Freshly painted throughout.
NEW Waterproof Vinyl and tile flooring, NEW Siding, NEW light fixtures throughout.
NEW Water Heater, NEW HVAC.
Updated Electrical/Electrical Panel, Plumbing, and Fixtures, New Ceiling Fan in all rooms, NEW Garage door.

What was the outcome?

The project was completed over the budget by $7,500 and behind schedule by 4-days.
I listed the property on MLS myself (I AM A REALTOR) and sold it to a happy Buyer for $142,000 with 30-days.
I learned a lot and made a net profit of $29,000 in 4-months.

Lessons learned? Challenges?

Contractors can be a nightmare.
Treat people the way you want to be treated.
Hard work pays off.
Flipping is not as easy as a lot of people think although it can be rewarding if you find a great deal and manage your budget very tight.
Education is very important in Real Estate Investing.

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

Yes.