Quick Flip - 255k Profit - Not a Bad Day :)!

[Guillaume D.]

Hey guys,

A few months ago, me and my partner bought a very old triplex in a super hot neighborhood of Montreal, Canada. This triplex was in the worst condition ever. Approximately 500k needed to be invested to make it beautiful like it originally was in 1908.  However, it was located in a very upscale area of town, the place was huge and had lots of potential. Everybody we know who saw the building thought we were crazy to buy this property. The key here is that we KNEW OUR NUMBERS. We had looked at the comparables, and we knew we had something special in hand. We also had hired the right people to look at the property and give us their professional opinion on the work needed and on the potential value of the triplex on the market. Plus, we were able to get the place empty so we could sell it to somebody who wanted to gut the whole place easily without having to deal with tenants and evictions.

So, bought the place for 300k with the help of our investors' money (so we didn't use any of our own money). Did NOTHING. We put it back on the market a couple of days after we bought it. We got 75 visits the same day, received 8 offers and sold full-price for 600k. Total holding time: about 3 weeks. Profit after acquisition costs, holding costs and selling costs (including commission fee): 255k.

Hope this can inspire others! 

Cheers!

G

[Effram Barrett]

Congrats on your success @Guillaume D.!

But how did you get the place empty? Were the leases expired or was is already vacant?