Sold our business a week ago...bought a flip today :)

[Curtis W. Sutherland]

We ran a pawn business in Austin, TX for 34 years...my wife and I decided to sell our business (but we retain our building so we collect another $1.05M in rent from the buyer of our business over the next nine years)...so I guess we are now "retired'ish".  Anyway, we bought a nice flip today, so we are finally back to buying and selling properties...it's what we love and what has made us the most wealth by far! Listed for $230,000 and everyone had a one-hour window to preview the property and another hour to come up with a $5,000 down payment cashiers check.  There were about 30 or so investors and potential home buyers that previewed the property in that hour.  They received five offers in the first five minutes.  We were the highest bidder at $242,000.  This property will take $30,000 to cosmetically update with granite, tile, hardwood, paint, etc.  An easy flip.  Houses in this neighborhood sell in 1 to 5 days...nothing has taken any longer.  We will list it for $320,000 when completed.  It should only take two weeks to complete. It was a nice little find and we should net over $15,000 after paying their closing cost and all the commissions for both sides.  Nice green kitchen...granite and tile get ordered tomorrow :)   I can't wait to find our next flip!  

[Curtis W. Sutherland]

Yes, I'm glad too, James...on this one, one of my realtors found it for me. He texted me first thing in the a.m. and said we needed to be there at noon to see it.  Another way that I've found some opportunities to purchase in our area is by searching Facebook for groups with off market or pocket listings for real estate. 

Check out "Investor Underground- Austin" on Facebook...it seems to be one of the most active sites in our area for real estate deals prior to being listed on the MLS.

I have found several deals that were worth the money...they just sell super-fast.  There are plenty of hard money lenders on there as well.  This group has monthly meetings where they present their latest off market listings and you can buy right there or go see it the following day.  There are folks that offer courses on wholesaling, as well as property attorneys, etc.  Last month they had a very lively debate on Fix and Flip vs. Buy and Hold. 

I've always done a little of both, but since I have a decent amount of long term buy and holds in my portfolio, now it's time for me to fix and flip again.