All Forum Posts by: Pearce Walker

Hey BP!! Hope everyone is having a great day, just wanted to share my FIRST FLIP story! I will try to keep it short and to the point. I do have a business partner who owns a flooring and window company, so he does that side and I am the agent so more of the RE side just to give you an idea.

I bought a foreclosure on Hubzu which was an interesting experience, but glad I went through it to learn how that works. The property was a foreclosure that the previous owner flooded himself right before he moved out. We decided to take on the task and bought the house with our own cash. We both have a Line of Credit with our Bank for a certain amount. We did run in to one bad contractor which was the granite guy who screwed us out of about $3000-$5000 which was unfortunate, but a learning experience. 

CLICK FOR VIRTUAL TOUR!

Purchase Price = $166,000 

REHAB = $40K (includes interest for Line of Credit / taxes / how fees)

BUYER COMMISSION / CLOSING COSTS = $12K

LIST PRICE/SOLD PRICE = $249,000 (OFFER ON FIRST DAY)

PROFIT = $ 28K-$31K (Have not closed yet so not sure if any other costs)

I am a new investor in San Antonio, so if you have any advice or anything that can help please let me know! thanks for checking out my story!

Thanks again everyone!

Thank you everyone for the welcome! I hope to learn from all of you and build a great business. Hope everyone has a great week / weekend!

Howdy Everyone! I don't want to take up too much of anyones time, I just wanted to introduce myself to everyone.

 My name is Pearce Walker, I am a Real Estate Investor / REALTOR in San Antonio, Texas. I am new to the investment side of the business, and I am loving it. I have been a real estate agent for about 3 years now, within the last year got into flipping / buying and holding rentals in my area. I am here to learn as much as I can from all of your experiences, and possibly network with some of you as well as do business together. I really enjoy the BP podcast, and hope to get to know more of you in the future. Have a great day everyone! and if you every need anything in San Antonio I would be more than happy to answer any questions! 

PS: Go Spurs!