First Flip from Direct Mail!

[Stephen Hundley]

For the longest time I believed direct mail didn't work! Until it did! This is the first flip I purchased from a "we buy houses" letter. They held on to my letter for 5 months before calling! 

The negotiations took about 2 weeks. They wanted $120,000, I offered $95,000. They countered w $100,000 and I countered w $97,500. They verbally accepted then renigged after talking to someone else and receiving a higher offer. Found out another investor offered $125,000 but it was a financed offer. Mine was cash and close when seller wants. Long story short we agree s to $107,500 and we closed last week. 

The home is a 3/2 1,265 Sqft, only 10 years old and we expect to put $12,000 into it. Needs counter tops, paint and floors in bedrooms. Should be done in 5 weeks and ARV is $159,000.