I made $187,861 NET profit on this flip!
I've been a real estate investor for about 12 years now and I've been involved in a lot of flips. I don't do upper end houses, mostly just starter home stuff. I know that there are people who frequently make 100k + on flip projects, but those are generally deals that sell for 1 Million plus.
I sent a direct mail piece to one of the owners of this house (absentee owner) and after months of her "vetting" me (see called all of my references, including my attorney!) I bought the house for $113,000. I spent $150,000 on the remodel and sold it for $482,000! After all commissions, closing costs, etc. I had a NET profit of $187,861. This is my highest net profit on a single flip ever.
I made a really cool 5 minute video of the project for my blog. You can check out the video here: http://youtu.be/XoIEY0IrOuQ
Hopefully you find the story more interesting than my kids did! :)