All Forum Posts by: 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.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $70,000
Cash invested: $38,000

Off market single family home in the City of Dallas, Texas.

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

We felt we could turn this deal quickly be renovating it quick and renting it out.

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

Off market negotiated a purchase price of $70,000

How did you finance this deal?

Hard Money Lender, Wildcat Lending HML

How did you add value to the deal?

We opened up the kitchen for a bigger feel. We renovated the exterior and interior of the home with just under $40,000 added an HVAC unit, fresh paint inside, resurfaced the wood floors, new tile for the kitchen and bathroom. Added new windows and new front fence.

What was the outcome?

Purchase price $70,000 rehab $38,000 After Repair Value, $170,000 we were able to rent this home out within two months of purchasing/renovating the home. We did a cash out refinance and got back about $18,000 at closing. This home also cash flows north of $500 a month. We manage our rentals and take pride in them. Doing your diligence in finding tenants is key, doing back ground, credit checks etc. Brandon Turney has a great book on BP on this topic.

Lessons learned? Challenges?

This was our second deal and was more streamlined then the first. By turning the property quickly we were able to rent the property and use the rent money to cover the holding cost/HML until we refinanced out of the Hard Money Loan.

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

Wildcat Lending, HML

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $70,000
Cash invested: $70,000

Former Church converted into a 2 bedroom 2 bathroom house.

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

The area is an up and coming area near the Dallas Zoo.

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

Whole Seller

How did you finance this deal?

Hard Money Lender, Wildcat Lending

How did you add value to the deal?

This was a church at one point. We converted it into a single family 2 bed/2 full bath. We put in about $70K into to the house.

What was the outcome?

We did a cash-out refinance on the property and were able to pull out about $20K. Rented out the property and cash flow north of $500 a month by managing the property ourselves.

Lessons learned? Challenges?

This was our first deal and we learned dealing with contractors can be a challenge. Staying on budget was also a challenge. Have extra money/budget for surprises. Stay on top of the contractors. Have a list of things that will get done and don't be afraid to start.
I heard this quote the other day. "Start by Starting" Love it!

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

Wildcat Lending HML, Carlo Checri Account Manager fantastic! easy to work with and good follow up.

Wow! That’s a beautiful thing! Fantastic job!