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All Forum Posts by: Daphne Boyd

Daphne Boyd has started 3 posts and replied 5 times.

Post: Murphy's Law on First Flip

Daphne BoydPosted
  • Flipper/Rehabber
  • Jourdanton, TX
  • Posts 5
  • Votes 4

Investment Info:

Single-family residence fix & flip investment in Charlotte.

Purchase price: $19,000
Cash invested: $35,000
Sale price: $88,000

We bought this 3 bed/ 1 bath 912 sq ft REO for 19,000 after it had sat on the market for almost a year. We obtained a hard money loan for purchase price and 25,000 for repairs and we estimated the ARV to be 88,000.

It was such a mess and had such a stench. I believe the previous renters had been drug addicts so the house was in terrible shape and every room was missing a door, every window was busted, and every room had different flooring. There was no heating or cooling of any kind.

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

We wanted an affordable fix and flip deal to get our feet wet. Boy did we!

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

This house was an REO that had sat on the market for ever a year. We saw it listed several times in Zillow and we drove by it in person a couple of times.

Once they dropped the price from 56k to 20k we jumped on it and offered 19k.

How did you finance this deal?

We obtained a hard money loan for 44,000 to cover the purchase price and 25,000 for repairs. We estimated the ARV to be 88,000.

How did you add value to the deal?

We ended up spending about 10,000 over budget on the rehab which included a brand new HVAC system, a new deck, a privacy fence, and almost all new windows and exterior and interior doors.

We did open up the living room and kitchen and placed a bar area in between and added custom recessed lighting throughout. We installed all new flooring and kitchen and bathroom cabinets and sink. Overall we were very happy with the work we had accomplished and how the project turned out.

What was the outcome?

The project turned out very nice, clean, and updated with a new HVAC and new lighting and a slightly more open concept.

Lessons learned? Challenges?

It ended up costing more than we had anticipated but we also added way too many personal touches. We know that now.

This house was in a bad location and sat on the market almost a year. Ouch!

We call this one Murphy's Law. Everything that could go wrong, went wrong including being broken into 2 days after purchase and then later right before a showing. It was our first real estate deal and our first flip, so we learned a lot.

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

Yes we went through 2 different realtors and real estate companies to get this thing sold.

Post: Inherited a Blank Slate

Daphne BoydPosted
  • Flipper/Rehabber
  • Jourdanton, TX
  • Posts 5
  • Votes 4

I recently and unexpectedly inherited a small piece of property, 2 city lots inside the city limits of a small town. The land is vacant and there's a pole and water meter available. I believe the city will only allow a permit for one building on that property, meaning I cannot make it into a trailer park or anything. Obviously I want to make use of it and put something on there to rent out. 

I considered a mobile home or trailer as the initial costs would be lower and I don't have a lot of cash sitting around. It would generate the same rent as a home with lower costs.

But I know a home would be more valuable altogether and I could mortgage the property, pull out the equity and move onto something else.

My dream would be to put a duplex there as it would most likely be accepted by the city since it's one building but I could get double the rent and a much higher property value longterm. 

I guess my question is in each scenario, what are the pros and cons of a mobile home/ home/ duplex and what could I reasonably afford to get started with? I am familiar with construction loans and HMLs but am wondering what would be best in this situation?

I'd like to hear from investors who buy and hold or who have been in similar building situations.

Post: New to RE Investing (Howdy!)

Daphne BoydPosted
  • Flipper/Rehabber
  • Jourdanton, TX
  • Posts 5
  • Votes 4

Thanks Brian! We are doing just that. We have made friends with a few other newbies and will be attending the next Alamo REIA event. We also have made partnerships with a couple of real estate agents acquainted with investing.

Good to see you are in SA too! 

Post: New to RE Investing (Howdy!)

Daphne BoydPosted
  • Flipper/Rehabber
  • Jourdanton, TX
  • Posts 5
  • Votes 4

My husband and I are both new to real estate investing. We have been researching it for a few months now and came across Bigger Pockets about a month ago. We have attended a few seminars and and webinars and invested a small fortune on books about investing, but nothing beats experience and advice from other investors and that's what we are so desperate for.

We own 2 other businesses. 1 pays all the bills and 1 pays sometimes, lol. For the past year I have run ads and funnels generating leads for real estate agents. As we became more interested in investing I realized I could do that for myself as an investor.

We still have SO much to learn, but we are eager to just get started. We want to focus on wholesaling and fix and flips. We are ready to do our first wholesale deal and just want to get started!

Looking forward to learning from this group!

P.S. We are in South Texas, south of San Antonio, Atascosa County area

Post: Any meet-ups in San Antonio?

Daphne BoydPosted
  • Flipper/Rehabber
  • Jourdanton, TX
  • Posts 5
  • Votes 4

Yes there is the Alamo REIA: https://www.alamoreia.org

Or the San Antonio REIA: www.sareia.com

I believe the next meeting for the Alamo REIA is Sept. 14 @ 6:30

My husband and I are new to investing so we will be checking out both groups.