2nd Flip in the books :)

[Jared Emerick]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $60,000
Cash invested: $25,000
Sale price: $134,900

Absolutely loved this bank owned REO house and what a story it gave us.
I originally saw this house in October of 2018 and the bank was north of 80k on their price and I put and offer of 55k in. They literally laughed at us and said not a chance. I offered 60k as this was my top offer and they did not even counter.
Well I kept the property saved to look at it every weekend and price drop after price drop I was waiting until it got to 65k to make my 55k offer again.
Unfortunately, it went pending when listed around 70k and I was very disappointed. I went on to the auditor's site to see who got it.
I KNEW THE BUYER WELL!
I messaged them congrats and wished them the best to which they replied "are you interested in buying this for 60k?"
I almost couldn't believe what I was reading.
I said yes, we closed a week later and the rest is history as they say.
Thank you God for teaching me (again) trust and patience :)

What made you interested in investing in this type of deal?

The potential for a 30k profit on a sub 150k ARV

How did you find this deal and how did you negotiate it?

That entire story is in the description 🙏🏻🙏🏻🙌🏻🙌🏻🙌🏻

How did you finance this deal?

Private money cash

How did you add value to the deal?

All mechanicals new or updated, new kitchen, updated bath, added finished sf in basement, new floors, paint, deck, landscaping, feature pallet wood throughout house

What was the outcome?

After going under contract 4 times! With 4 different buyers, she is sold.

Lessons learned? Challenges?

You can flip in 4 weeks, but it still has to sell. And this sale has been in escrow 4 times for over 60 days. Finally, we got her sold.