Bite off more than you can chew and chew it!

[Collin Corrington]

Investment Info:

Single-family residence fix & flip investment in Seguin.

Purchase price: $50,000
Cash invested: $90,000
Sale price: $160,000

This was without a doubt my biggest rehab ever. When I purchased the house there was nothing but external walls. Took this thing a long way and had a really hard time with the city. They got me in their sites and made my life miserable. But we got through it and made a small profit.

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

I really like the town of Seguin, and needed a project.

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

A good friend of mine was ill and didn't want to take on this project so I took it off his plate.

How did you finance this deal?

We went back and forth on the price and he finally owner financed it to me with 0% interest so he could get it off his books. I paid cash for all the repairs.

How did you add value to the deal?

TOTAL rehab. New subfloors to new roof. All new everything.

What was the outcome?

Came out beautiful. Sold it before it hit the market.

Lessons learned? Challenges?

The city of Seguin can be rough with permits and inspections. Really need to play very, very, strict on the rules.

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

Just me on this one.