Disaster with a good outcome

[Luis Ramos]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $139,000
Cash invested: $81,000

probate sale
required a total make over

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

cheap price, great ARV

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

MLS

How did you finance this deal?

Hard money lender followed by refinance with conventinoal loan

How did you add value to the deal?

complete renovation from top to bottom

Lessons learned? Challenges?

Lesson learned: stay away from Lloy's of London!!! They scamed me. We got the winter freeze in Texas causing our pipes to burst. Basically, we had completely renovated this house in Feb 2021 and placed it on the market. After the freeze, we had a complete meltdown. We contacted Lloyd's , our insurance carrier and basically would not coverage any damages. They cited that it was not written in the policy. Lesson learned: always ask for water coverage.

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

Jet Lending: they provided 100% LTC on acquisition and rehab, basically $6000 to buy this property.
Patricia Mack (real estate Agent)