First Successful Land Flip
Hi BiggerPockets,
My wife and I would like to share our first successful land flip.
The deal:
Purchased the property for $3000 paid the back taxes of $2200 and the closing costs were ~$700, so total investment was $5900. I closed on the property on October 30, 2014. Sold the property on January 6, 2015 for $15,000. After closing costs, we made a profit of $7,600.
How we got this deal:
We used the method learned from Seth William's website, which we found after hearing the biggerpockets podcast. The direct mail campaign targeted tax delinquent property owners. The owner had purchased the property from a county auction. I believe he broke even on the deal. We sold the property to a neighbor adjacent to the property. The negotiation was easy on both ends, and it was a cash deal so our closings were quick.
We are reinvesting our profits into our business, and are looking for more deals. We have purchased two more properties since this deal.