Lets see those completed deals!

How many you want? Just closed one week ago. Bought 2600 sq. feet on one level for $120,400. Sold less than 6 months later for $210,000. Address was 1504 Agate, Weslaco, Texas. Assassed at 239K and current appraisal of 230K. No realtor, no commission and less than 5K fixup. Approve??? Rich.

Edited: 06/26/2010 at 07:39AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

4293 posts
43789 Influence
15 Awards

Icon_minipost Mar 22 '09, 08:09 AM

No one else made any profits on a reo deal? This is sad. Rich.

Edited: 06/26/2010 at 07:39AM

Stephani Davis

Real Estate Investor · Tampa, Florida

190 posts
1193 Influence
2 Awards

Icon_minipost Mar 23 '09, 08:39 AM

My latest REO wholesale..

List price $34,900
My purchase price $22,000
Price to my buyer $31,500
Bought from the bank and then sold to my buyer via a simultaneous close.

Property was a 3/2 1100 sf frame house, 10-15k in repairs needed. DOM=32. Not sure what the ARV is. I sell to landlords and base my offers off of what they are looking to spend in each neighborhood.

Steph

Edited: 06/26/2010 at 07:40AM

J Scott

Real Estate Investor · Atlanta, Georgia

6086 posts
66741 Influence
13 Awards

Icon_minipost Mar 23 '09, 11:35 AM

My last four REO flips:

1. Bought for $58,500, rehabbed for $19,561, sold for $115,900, for a total profit (after holding costs, fees, commissions, etc) of $24,185.

2. Bought for $60,000, rehabbed for $6,459, sold for $95,000, for a total profit (after holding costs, fees, commissions, etc) of $20,927.

3. Bought for $42,000, rehabbed for $36,873, sold for $129,900, for a total profit (after holding costs, fees, commissions, etc) of $36,686.

4. Bought for $48,000, rehabbed for $35,808, sold for $129,000, for a total profit (after holding costs, fees, commissions, etc) of $30,315.

Edited: 06/26/2010 at 07:41AM

Tiara Murray

Wholesaler · Detroit, Michigan

295 posts
628 Influence
4 Awards

Icon_minipost Mar 23 '09, 12:31 PM

Thats Nice J! Wow you have a flipping machine down there in Atlanta. Hey, have you ever considered documenting some of your progress via video. I am an avid follower of your blog, and I would love to see you, your bro, and wife working on a deal from start to finish.

Edited: 06/26/2010 at 07:41AM

Adrian Pillow

General Contractor · Warrenton, Virginia

69 posts
35 Influence
2 Awards

Icon_minipost Mar 23 '09, 11:05 PM

Great deals!!! Keep 'em coming please!

Edited: 06/26/2010 at 07:41AM

Owen D.

Real Estate Investor · Carter Lake, Iowa

94 posts
454 Influence
1 Award

Icon_minipost Mar 24 '09, 12:26 AM

Bought a 4/2 1700 sq/ft 2 story in my backyard in late December for $60K, spent $35K total on rehab, holding, closing, utilities, everything.

Signed purchase agreement yesterday at $122K FSBO. Should net around $23K pre-tax and I did none of the labor myself.

Edited: 06/26/2010 at 07:41AM

Malhar B.

Rehabber · New York, New York

34 posts
418 Influence
2 Awards

Icon_minipost Mar 30 '09, 04:16 AM

Just starting out with BP, but thought this would be an interesting post to start out with...

1) 97 Days from Acquisition to Flip Closing

Purchased: $28K
+Rehab: $28K
+Interest to investor: $5K

Sold: $100K
-Realtor: $6K
-Concessions: $6K
----------------------------
Net: a little over $26K

2) 105 Days from Acquisition to Flip Closing

Purchased: $54K
+Rehab: $6K
+Interest to investor: $8K

Sold: $100K
-Realtor: $6K
-Concessions: $6K
----------------------------
Net: a little over $22K (had to rent property due to FHA-90 day rule--made an extra $1K from it)

3) 32 Days from Acquisition to Flip Closing

Purchased: $28K
+Rehab: $0K
+Interest to investor: $500

Sold: $35K
-Realtor: $0K
-Concessions: $0K
----------------------------
Net: a little over $6.5K

REOs are fun when you can get good deals. Lots available right now!

I have properties in Indiana, Missouri, and Georgia. [REMOVED] Thanks!

Edited: 06/26/2010 at 07:46AM by Moderator