A Quick Profit in Fort Worth, TX

[Pete Garcia]

Wanted to share a quick success story.  I had a neighbor contact me about a house he was wanting to sell that had a small fire.  After looking at the property and seeing that the fire damage was minimal, I offered him $20k.  He countered with $25K and I accepted.  We closed on May 5th, we went in and cleaned out the property, and fixed the fire damage.  The plan was to do a full rehab and then sell under market value.  The neighborhood is rather eclectic and similar houses have sold from $80K - $150K.  After having listened to several BP Podcasts and posts on Whole Saleing, I thought this property would fit nicely into that category all though not a true Whole Sale by definition. So, we put up for sale and sold it to another investor $51K on July 8th.  So with a purchase price of $25K plus $4500 for the repairs we made, we had a total of right under $30K invested.  In 2 months we made a profit of $21K.  So even with taxes that will need to be paid on the profit, I consider it a success. Your thoughts of how I could have maximized the potential of the deal would be much appreciated.