Duplex Under Contract - Flipping, Karma, & A New "Toy"

[Austin Fruechting]

I have a duplex under contract to close April 28th, and I'll be flipping it for a new toy. 

The toy is an expensive one, and WAY more than I could justify spending. So I thought "What if I flip a property to pay for it?!" That way at the end of it all I have the same cash in the bank AND my expensive my toy. I'm just trading some time running a project in exchange for my toy. I've only flipped a property twice, but I have BRRR'd 4 homes, one duplex, one 4 plex, and a 6 plex... so I'm no stranger to projects.

I notified some realtors I know in different areas that I was looking for a flip. The market is fairly hot. Nothing was available and rare for any good values to hit the market right now. They'd been looking for a few weeks with not even a single possibility. 

KARMA: Well, after my Financially Free at 32 post , I received about 50 private messages/emails with congrats and questions.  I took the time to respond to all questions in the post as well as all messages/emails.  A younger KC guy trying to get started wanted to meet up.  I invited him to my house, shared a cigar and some fine bourbons with him while talking real estate and trying to provide some guidance.  Towards the end of our time there I get a text message from someone I hadn't even talked to about looking for a flip.  It was this duplex opportunity.  I thought it was cool that I had been looking and not finding anything.  Then after all the time trying to help people by answering their questions, and while I was meeting with a beginning investor, the opportunity came to me. 

[Austin Fruechting]

Originally posted by @Matt Friedman:

Sounds like a good plan.   That "new toy" definitely provides some good motivation.  All the best!

 Thanks Matt.  And it sure does provide some motivation... going straight Kiyosaki (Rich Dad Poor Dad) to get it!  I'll update as things progress.