Best Deal Ever Show #18: How a $20K Property Turned Into $100K Net Profit

Best Deal Ever Show #18: How a $20K Property Turned Into $100K Net Profit

2 min read
Ken Corsini

Ken Corsini is a seasoned real estate investor and business owner based in Woodstock, Georgia. Ken is best known for his role on HGTV’s hit show “Flip or Flop Atlanta,” and has flipped over 800 houses in Metro Atlanta since 2005.

Experience
With over 15 years of experience in the real estate industry, Ken has expanded his original flipping business into multiple independent real estate businesses, including Red Barn Real Estate, with over 180 agents in Metro Atlanta across four offices; Red Barn Construction, a custom home-building company specializing in modern farmhouses across North Atlanta; Red Barn Renovations, a full-service renovation company; Black Oak Mortgage, a direct lending company based in Woodstock, Georgia; and InvestorSumo, a technology company focusing on CRM and data needs for real estate investors.

Having been involved in thousands of transactions and having owned over 800 houses, multiple commercial and multifamily properties, and more, Ken brings a wealth of knowledge and experience to the BiggerPockets community. He has authored over 100 blogs and currently hosts the “Best Deal Ever Show” on the BiggerPockets YouTube channel. He is also the host of the popular Deal Farm Podcast.

Ken is currently writing a book in conjunction with BiggerPockets called “Profit Like the Pros,” scheduled for release in Fall 2020.

He and his wife also run Roc.Star Kids, a non-profit organization focused on the needs of children and families in the fight against childhood cancer. For more information on this very personal cause, check out their story here.

Press
In addition to HGTV and HGTV Magazine, Ken has been featured on The Today Show, People Magazine, The LA Times, Think Realty Magazine (cover), TV Insider, In Touch Weekly, Life and Style Magazine, The Wrap, The Atlanta Journal Constitution, UGA Today, US Chamber of Commerce, PopSugar, Entertainment Magazine, and a number of local periodicals.

Education
Ken has a Business Degree from the University of Georgia and a Masters Degree in Building Construction from Georgia Tech.

Accreditations
Ken is currently licensed as a general contractor (commercial) in the state of Georgia.

Follow
RedBarnHomes.com
Instagram @kencorsini
Twitter @kencorsini
Facebook

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With a fast, “go with your gut” approach, Shawn Wolfswinkle was able to find a gem of a property that truly is one of the best deals that we’ve seen.

Shawn owns Texas Turnkey Properties and also owns a property management company. He has 18 staff members, two offices, and manages over 1,300 homes in the greater Houston, Texas, and Albuquerque, N.M., areas. Texas Turnkey Properties takes on the role of building new construction (selling at less than $100 per square foot), while also renovating properties to rent out.

All this to say, Shawn absolutely has a knack for finding the best investment opportunities!

How Shawn Finds Deals

One of the primary ways that Shawn has been able to get a phenomenal ROI with his new construction in the last three-and-a-half years has been by finding great deals on lots and building a large quantity of the same model. (He currently builds around 130 new units per year.)

While finding deals on lots can be tricky, one of the primary ways that Shawn is able to find deals on lots is through aggressive pay per click advertising and direct mail.

Shawn’s Best Deal Ever

One of Shawn’s best deals ever was in a little town called Round Rock, Texas. Shawn heard through a contractor that an elderly woman wanted to sell her home after her son, a developer, said it wasn’t worth anything due to some foundation leveling that needed to be done.

Related: Best Deal Ever Show #15: 2 for 1 Using the BRRRR Method With Brittany Arnason

What was incredible, though, was that the owner only wanted land value for her home, which amounted to $20,000—even though the home would likely have appraised for $135,000!

After looking at the property on Google, it almost seemed like the home was too good to be true. That same day, Shawn immediately decided to drive three hours to meet the owner and see the house in person. By doing so, he found out that the house only needed cosmetic work! Everything from taxes to the title were clean.

Shawn was ready to close the deal that evening. Writing a check and signing a warranty deed, the house became his on the spot.

The primary risk involved was that Shawn didn’t opt to have title insurance, but his company had the margins to absorb the cost if this investment didn’t turn out to be what he expected. He figured a potential title issue was worth the risk of potentially losing out on this killer deal—so he still decided to close then and there.

It was only 55 days from the time Shawn got the lead to when he re-sold the home for $165,000. Renovations only took two weeks and cost $25,000. All that was needed was foundation leveling, new lighting, hardware, flooring, paint, and countertops.

How to Apply This Strategy to Your Business

Athlete runner feet running on treadmill closeup on shoe

Shawn’s advice for those wanting to do more investing is that hustling and acting quickly is key—or else you’ll get beat.

Related: Best Deal Ever Show #13: Investor Buys Entire Ghost Town—Wait, What?!

A book that he goes through with his staff and recommends to others is Relentless: From Good to Great to Unstoppable by Shari Wenk and Tim S. Grover. A theme from the book is that “when you’re in the zone, you don’t think, you just act.” He says that you need to be willing to move and be tenacious to get deals like the one mentioned above.

For anyone wanting to find a better deal, what are some strategies that you’ll start implementing to help you act more quickly?

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What’s the best deal you’ve ever found? Questions about Shawn’s story?

Let’s talk below.

Sometimes sellers have the perception that a foundation problem is the end of the world. Things like this can amount to gold for an investor! In this episode, Shawn Wolfswinkle shares how he literally dropped everything, drove three hours, and bought a "problem" house for its assessed land value.