All Forum Posts by: Jared Goodwin

My biggest regret on this was not being super involved on the finance side of things; wish I had the numbers to present.  We both made slim profits and was my first real deal.  So many mistakes, but the lessons learned for no money out of my pocket was worth all the sweat equity/learning experience.

Best part... I continued my education for doing this again; have presented the same partner with real numbers this time around and we are back looking for our next deal.  It's great to have a mentor that believe in you!  Give them value, work you butt off and just be honest in your business activities. Document, document, document.. it saves all parties headaches.

Investment Info:

Single-family residence buy & hold investment in Jarrell.

Purchase price: $147,000
Cash invested: $9,000
Sale price: $175,000

Single family home 3bd, 2bth, about 1400 sq ft. First time home.

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

First time home buyer. Initial asking was above what I was comfortable paying, ended up dropping down to paid price in 3 weeks from initial interest in property.

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

R.E. Agent, was willing to pay full price of the 2X time price decrease, think it was an the market for over 4 months.

How did you finance this deal?

Conventional loan with about 9K down payment.

How did you add value to the deal?

I did small esthetic interior repairs and just kept in great condition. Was proud to be a first time home owner.

What was the outcome?

Made almost 3 times my down payment upon the sale of the property to a new family that was a first time home buyer.

Lessons learned? Challenges?

It's not always about the money. I got close to what I was asking for, but was willing to help them out with closing and take a few grand hit to help with their first home. I learned how to to some plumbing/toilet repairs, sheet rock and texturing, simple landscaping, and honed in on interior painting. Spent a total of about $500 to prep the house for sell. Keep it simple, stay focused, and do the best work I could at the time.

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

Yes, Gary Cocanougher, for sell of the property.

Investment Info:

Single-family residence fix & flip investment in Jarrell.

1,350 sq ft single family home.
3 bed,
2 bath

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

This was a property I found on Zillow that was foreclosed.

How did you finance this deal?

With a partner.

How did you add value to the deal?

I worked as the feet on the ground for the property itself, painting, lighting fixtures, patching holes in walls, added carpet to the master, and contracted any needed labor outside of my abilities.

What was the outcome?

I ultimately gained about $2k and one heck of a learning experience.

Lessons learned? Challenges?

This took about an extra 2.5 to 3 weeks longer than anticipated.
I didn't run all the numbers correctly as there were the common first time flipper mistakes.
This property was about 1.5 miles from residence at the time and making time for it was a still a challenge while working a full time job.

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

On the purchase of the property we worked directly with banks, getting any leans on the property it had, and paid cash.
For the sell of the property we used a R.E. agent, and was under contract in about two weeks.