Investment Info:
Single-family residence fix & flip investment.
Purchase price: $55,000
Cash invested: $115,000
Sale price: $190,000
Purchased a 2/1 and turned into a 3/2. Complete remodel inside and out. The only part of the house we did not touch was the roof.
What made you interested in investing in this type of deal?
Great location with comps on the rise.
How did you find this deal and how did you negotiate it?
Noticed that this was an expired listing that had gone under contract multiple times. Reached out to owner and asked what the issue was. Small title problems that were easy to fix.
How did you finance this deal?
Cash.
How did you add value to the deal?
House was originally a 2/1 but I was able to add a second bathroom and third bedroom within existing footprint.
What was the outcome?
Great net profit on the sale. Was looking to BRRRR this house but was open to sale at the right price. Overall a good win.
Lessons learned? Challenges?
Biggest lesson was patience with the city and contractors. Learned to scale back my expectations in a lot of areas and compromise where needed to get project to the finish line.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Worked with a great GC, reach out for recommendations if you are in the San Antonio area.
