Fix and Flip Burleson, Texas

[Nancy Nakamura]

Investment Info:

Single-family residence fix & flip investment in Burleson.

We invested in our first flip in June 2020 and it took us 3 months to complete. My awesome husband owns a custom cabinet business and did 80% of all the work ourselves (sweat equity). We learned a lot through this process.

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

Always been a dream of ours to flip a home.

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

Found it on the MLS. Cash offer and no option period and zero contingencies.

How did you finance this deal?

HELOC

How did you add value to the deal?

Completely updated the house and added custom cabinets to kitchen, custom vanities in bathroom. Changed footprint of the house and turned a 32"x32" shower in master bath to dual shower with 2 shower heads. Moved AC to attic to enlarge shower space.

Some mistakes we made: We learned after the purchase that the house had plumbing and electrical issues. The city got involved and we needed to bring everything to code.

What was the outcome?

We entered into contract with a buyer while the house was down to the studs as the market is so hot.  Once we were done with the house, we closed the next day! 

Lessons learned? Challenges?

Make sure you know what you are buying. Key things like foundation, electrical and plumbing can potentially ruin a transaction.