All Forum Posts by: Silvia Ochoa

I gave my max bid on a house that needs a lot of work and was rejected. The house is in a very nice neighborhood and fully remodeled comps are 50 - 70k over asking.  I think this is the reason the owner is hoping to get more. House has been on the market 60 days and the owner is no rush to sell. House is vacant and paid for. We are apart 13k but that would take up almost all of my profit in the flip. As I said, the house needs a lot of work. 1978 build with all original interior, floors were torn up, some foundation issues, pool needs replastering and the enclosed patio needs to be torn down.  My initial bid asked for no concessions, only an inspection contingency. Conventional loan with 20% down. What else could I do to? Any creative ideas? 

Thank you so much @Bart H. You have a great eye for detail and are always so helpful. I will definitely be getting an electrician to advise me.

So I'm looking into a house in Dallas and I'm stumped as to what these panels and wires are for. Possibly for solar panels? Anyone know? 

Thank you @James Powell I purchased July 2016. It's the White Rock Hills neighborhood. Right off the highway, I30.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $195,000
Cash invested: $60,000
Sale price: $303,000

House hack #2. Complete gut. Our first attempt at "high end"-ish. Have to say I loved turning this into a beautiful home. Can't wait to do it again!

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

I knew this neighborhood was well established and attracting higher earning families. I wanted a project that would benefit from higher finishes.

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

MLS listing with an agent. The owner had the home appraised beforehand and was adamant he wasn't taking anything lower than 195K. Luckily I know this neighborhood like the back of my hand and knew it was a good deal at face value.

How did you finance this deal?

Conventional financing.

How did you add value to the deal?

The home was completely dated and needed a complete facelift. Ceilings were raised, all new flooring (combination of bamboo, porcelain, carpet, and marble), new kitchen island w/ built in microwave & wine fridge, new appliances, fancy tile work in bathrooms with the master getting a bigger marble shower, built in double desk, stone ledge fireplace, painted exterior, recessed lighting, new fence, new furnace, ect….

What was the outcome?

Lots of great feedback from all the buyers, loved the upgrades. House under contract, to be closed on July 31.

Lessons learned? Challenges?

My biggest advantage is having a boyfriend that is a contractor. This can also be a disadvantage. Because it was a live in flip, our house was secondary to other projects. My biggest challenge is getting him to commit to seeing this as a business and putting our projects first.

Welcome, sounds like you're on your way to a great start. There are lots of REI meet ups in Dallas you could check out as well and keep that network growing. Best of luck!

How do you get involved in syndicated deals? I am considering this type of investment to learn more about REI....and make some money at the same time. Also, how are syndicated deals different from partnerships?

Hope to be there.

Absolutely a fantastic idea @Brian G. and one I have thought of myself, except I live in Dallas and there is not much inventory in that department. I will continue to search but with only about a month and a half left it appears I will be settling for SFR. But I definitely plan on house hacking at least one property.