But how did you make a 1200 Sq ft footprint into a 3700 Sq ft house? 1200x3= ? Usually less than footprint in attic?
Originally posted by @Andy M. :
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! :)
Thank you for taking time out of your schedule to post your story. As someone (me) who is trying to get their feet wet with REI, these stories inspire me to push forward at all costs. If you're ever looking for someone to take under your wing, give me a call!
@Seangy Sum thanks for your kind words on the video. I'm glad to hear it inspires people and helps them want to push forward. Life in the real estate investing world is often a roller coaster with pretty high high's and often low low's. Sometimes it is hearing/seeing another's success that keeps us going. Keep on cranking! :)
Hey @Richard Dunlop , I just noticed your question. I looked at the listing when we sold the property and here was the exact square footage we had listed. 809 upstairs, 1440 main, 1320 basement, so the total was 3569. The county records had the main as around 1200 but when we had it appraised before we listed it the appraiser did an actual measurement which we used.
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