Sept 30 - Why you should track homes you don't buy. Example of a Flip

Hello BP,

Tracking houses that you were not able to buy can be educational and interesting.  I watch houses that I missed out on, to see how the competition works.This person, may have paid more than me, or may have different skills.  All things being equal, I want to see how it comes out so I can adjust my strategy for future projects.

Here is a link to my training video on this subject.  The audio is pretty quiet, so please turn your volume up.

What houses have you missed out on this year?  What did you learn from watching them afterward?

Trevor Thompson

Video Link is Here:  https://youtu.be/SGk9PcB7LLA

Supplemental Data for the Power Half Hour – coaching call.

[address redacted] Kearns UT –

Trevor placed Property Under Contract – Seller Financing

Photo Album of property before damage. –

Video of property on Dec 23rd – Under Contract for Seller Financing -

Under Contract for $125,000

1st mortgage $90k – payment $882

2nd mortgage $20k revolving equity line - payment $131 (882 + 131 = $1013)

Water Damage:

Video of water damage on January 6th – Freeze and burst pipes.

January 6th Water damage found.

Seller canceled,

Property re-listed for $120,000 – sat for 6 months. Closed sale after insurance settlement, and payoff of 2nd mortgage - $20k

Property Sold on July 16th for $101,350 – MLS listing attached

Investor remodeled. [See rehabbed photos in 1st photo album]

Re-listed on Sept 24th - $169,999

Under Contract Sept 27th –

Sold - ????

3 Days on Market – likely full or close to full price offer. Possible closing costs for Buyer.

Estimated expenses

-10% for Brokerage fees, closing costs, Buyer’s closing costs $17k

-$101,350 Purchase Price

-$22-26k for rehab 1175 sq ft. ($25,000 / 1175 sq ft = $21 per square foot rehab expenses.)

$169,999 – List price

-17,000 selling expenses

-101,350 purchase price

-25,000 rehab expenses

Total end buyer potential profit

$26,649