$Boom First Flip Done$

[Richard Graham]

Hi Everyone I just completed my first flip 2 weeks ago.
Here are the numbers.
Outer Banks NC little beach box
referral from my mom (co-worker)
Lady had already been through Bankruptcy
loan was with Wells Fargo conventional
owed $240K and was $40K behind/interest/lawyers fees etc.
Total $280k.
contacted a local agent (buddy) for CMA.
I offered $65K gross
meet BPO agent she said "this looks like a tear down" all I heard was CHA CHING.
BPO came in at $85K
negotiator told me the BPO amount ( I already new it from the BPO agent) and said they had to have 85% I offered $74850 gross and had $1500 negotiating fee and $1000 Doc prep fee in that. She cut the doc fee but left the neg fee. I found a conventional buyer in 3 days on Craigslist for $94K I used transactional funding and closed back to back (it took two days we had a little hiccup) after it was all said and done I walked with $13,000 profit + $1500 neg fee.
Wells Fargo had the verbiage in their approval letter about disclosure of a flip, my lawyer said it was disclosed in the contract and sent them a letter stating that fact and it was a non issue.
I would like to thank the BP community especially Ted Akers for all his advice and Transactional Funding service he is top notch in my book.