Sold FIRST Flip and paid off ALL Credit Card Debt!!! Thanks BP!!

[Michael Ablan]

Hey guys!  Just wanted to share my most recent success story!

Back in Nov 2015 I bought my first property for cash and fixed it up with my father.  I had no idea what I was doing, but was determined to make it work.  In Apr 2016 all of my credit card issuers started sending me interest free cash advances for 1 year.....so I took them up on their offer and bought 5 more houses and had all of the projects running and completing at in the same time period.  My math showed that the cash flow from the rents would pay off the debt before the 1 year expired.  Unfortunately I didn't budget for my inability to pass up on sweet deals as they came my way.  I ended up holding this debt for almost 2 years.

Fast forward to Mar 2018.  I currently own 17 houses with 37 total units.  I also currently have 2 flips running simultaneously.  However, I still HAD a large chunk of that credit card debt hanging over my head....until TODAY!!  I just closed on the sale of my first flip! I was originally going to keep it and rent it, but I got an offer to buy it from the first renter I showed it to.  I was able to take those funds and completely eradicate my CC debt, while leaving me with enough cash to fund a bigger project!!   

So with that said, I want to give a big thanks for the BP community for keeping me motivated and educated throughout this short journey thus far.  Can't wait to see what the rest of 2018 brings!

Numbers on the flip (For anyone who cares):

Purchase price: $60,000

Rehab + Closing + Holding Costs: $37800

Net Sale Price: $135,500

Total Gross Profit: $37770