Purchase Price: $215,000.00List Price: $325,0000.00Sale Price: $329,000.00Financing Information: Private money How the Deal was found: Off Market/ FSBO Negotiated down from $250,000.00 to $215,000.00Value Added to the property: Value added by installing vinyl water resistant flooring, renovating sunroom, renovating bathrooms (not full renovations), new carpet in the bedrooms, new trim/baseboard, knockdown texture, new paint, new outdoor carpet for sunroom, and updated detailed work etc. 

He now owns 2 private jets, a mansion in Santa Barbara, a lodge in Breckenridge, and lives comfortably here in Texas. 

I've always just patched and textured and kept as a rental. 

I do not need virtue signalers living in million dollar mansions behind iron gates with private security and flying private jets pretending to be standing up for the poor at the expense of the middle class.

We were able to fix up 3 of the 4 bedrooms in about 3 weeks, new texture, paint, flooring ect before we moved in.

And that may still not get it all...I had to re-texture all the drywall one time due to odors.

Then again how long will it take to return the money invest on a proper Spa vs the water tank (providing the water tank brings in more rent).Something like this can seat 7 men of whatever proportions (no little walls between seats--no lay downs--minimal air jets--the water tank has no air jets)

Spacious primary bedroom upstairs with dual walk-in closets and ensuite 5 piece bath including jetted tub.

This is my first post in 3 years.The market is in a very different place in that time.There has been a pandemic,and interest rates have doubled.Social media posts from baby syndicators and operators have slowed,if not outright disappeared.No prizes for guessing why.If you are a newbie reading this,you should never forget this cardinal lesson:Real wealth in real estate is created with equity,not cash flow.And certainly not with transactions.That's why the maxim says "we make money when we buy,not when we sell".It's because you run into all sorts of factors that may be outside your control WHEN you sell,IF you have to sell.Equity builds over time.Slowly.Patience is a virtue.It's why long term buy and hold will remain the king of the real estate game.Not Flipping,not syndication,and certainly not vacation rentals.You must diligently prioritize buying and OWNING your own piece of dirt financed with LONG TERM debt,preferably conventional loan that is deliberately underleveraged in a niche unlikely to be legislated out of existence by sensible new city or county ordinances predictably aiming to protect the local economy.That's how you keep your assets in ANY cycle without having to close bad deals in order to make another buck for another day.Even if you like the passive side of investing in syndications,you must be smart enough to understand you never actually OWN those units.So when someone tells you they own 2000 or 3500 units,call BS.When prices and rents are surging with historic low interest rates,even a 12th grader can become a hotshot syndicator overnight with the right amounts of flashy social media posts with rented red Lambos,Richard Mille watches and private jets strategically inserted.When rates rise,as they have,and projections and proformas head for the toilet,we see many who have been swimming naked.The skinny bad deals closed in a blaze of hysteria and chutzpah circa 2017/2018 with 3% interest rates are coming up for refinancing or sale today.It's 2022.Many of them have 5 year balloons.That's the place the crash everyone has been debating to death is going to start.Exit strategy in real estate is more complicated than can be taught in a 3-day bootcamp.No matter how much you paid for the course.Keep it simple.Real estate is really very simple. 

After removing an old jet tub/shower  in the master bath and replacing with a large walk in shower we replaced all the downstairs floor with vinyl plank and the stairs and upstairs with carpet.