First House Flip Deal -22k Profits

[Guillaume D.]

Thought I could share with everyone my first real estate investor move. It happened this year. Myself and 2 partners decided to go in business together and look for a house to flip. After about 15 visits and 6 offers, we finally saw a nice foreclosure come out on the market. The day it was put on the market, we visited and made an offer to get it off the market. Bank asking price 170k, offer at 155k accepted.

House was built in 2010, no major work needed but a lot of cleaning! And I mean, a lot. House had probably never been cleaned in 3 years. Disgusting as hell.

All in all, 5 weekends of work for a total of 10 days, about $3500 in expenses for paint, cleaning products, home staging and a few other stuff.

6 months later, house was sold for $198 500.

Net profit of 22k after all expenses to be split between the three of us. Not bad for 10 days of work ;)!

At age 24, that was my first deal. Now looking for the next one!

Hope this helps inspire a few young ones.

Cheers!

GD