White Rock Lake Dallas Property

[Robert Marshall Serrato]

Investment Info:

Condo buy & hold investment.

Purchase price: $205,000
Cash invested: $273,000

Single family major renovation in great area of Dallas near the lake with detached garage conversion into a Studio efficiency.

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

This property caught my eye because it was just north of $200K in a neighborhood of $400K plus.

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

Purchase Price $205K on MLS.

How did you finance this deal?

Hard Money Lender, Wildcat Lending

How did you add value to the deal?

This property was a major renovation/rehab down to the studs. New, HVAC, Roof, Plumbing/Gas, Electrical, Windows, Floors, added square footage Etc. and converted a two car detached garage into a Studio efficiency.

What was the outcome?

Purchase Price $205K put in north of $270K the appraised value on the property just under $550K. We did a cash out refinance and we able to pay down debt and learned a ton in the process.

Lessons learned? Challenges?

COVID, we did this property during COVID. It was a challenge to get permits, we went through several contractors but found one with great work ethic. We basically did two properties because we converted the detached garage into a Studio.

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

Yes, My Realtor James Britt with Keller Williams out of Garland, Texas. Carlo Chechri Wildcat Lending, HML. Summer Garrett VIP Lending.