I wanted to share the recent success on my first flip which just closed earlier this afternoon, hopefully it can help to motivate someone who might be on the fence about taking the first step towards accomplishing thier REI goals.
My wife and I have always wanted to get involved in REI and finally decided to get serious about taking action at the beginning of the year. We did not have much luck finding any good deals and decided to try and come up with a creative solution. It turns out that my brother in law owned a rental property with a considerable amount of equity in it that had been rented for the last 1.5 years. We approached him and his wife about the possiblity of partnering up to flip the property. We would cover all the costs, including the loss of rental income, which would all be repaid after the sale of the house and we agreed to split the profits and roll everything into another project.
We got the keys from the tenants on 3/10/15, listed on 4/20/15, and closed escrow today. Here are the particulars on the deal.
Mortgage balance= approx $73,000
Rehab expenses/holding costs= $31,318
Here are some before and afters:
Everything about this project ran smoothly with the exception of 2 things. We originally listed for $179,999 and actually had multiple offers at or above asking. Unfortunately the appraisal came back at $175,000 so we ended up having to sell for a little less than expected. We also had some termite damage show up during the inspection and we had to replace some rot and fumigate the house which cost about $3200. Overall I could not be happier with the way things turned out and am looking forward to starting the next project as soon as possible.
Nice work, Jason!
I'm closing on my first wholesale deal next week too.
Keep it up!
Awesome! Nice work!
Congratulations Jason! This is inspirational!
Very cool! Congrats. What a quick turnaround too
Fantastic job! I used to have tile like that in my bathroom, too. Love what you did with the spaces!
@Jason Pritchard - congratulations on you taking action and transforming it into $$$$
This gives you more knowledge to utilize in the upcoming projects and determination to
I forgot to ask - are you doing this full-time?
Thanks everyone for the feedback and kind words.
@Jeanie H. I do have another job with a local non-profit organization that I am helping get off the ground. This flip and the subsequent marketing that I am doing to find other deals has basically turned into fulltime work for me as well.
Congratulations! Very inspiring! In am about as new to real estate investing as it gets. I just attended my 1st educational seminar this weekend, and I just signed onto BP.com a few minutes ago, lol.
I look forward to hearing about everyone's success as well as the trials and tribulations with their real estate ventures.
Congratulations again Jason Pritchard!
Congrats on the flip! Very well done! Go celebrate and have a beer at The Elbow Room!
Congratulation on the first flip. Great job being creative and finding a way to get in the game. I am impressed by your turn around time.
Congrats! That's awesome!
"When preparation meets opportunity."
Great job Jason!!! Happy for you I got an offer in on a property right now hope it closes. Good luck on finding the next deal!!
Wow. looks great. Wish you many success!
Thanks for sharing and congratulation.
@Darren Budahn it's funny that mention Elbow room, we're going to grab a celebratory dinner this weekend and I think we may actual go there to eat. Are you originally from the Fresno area?
@Yosef Fares Hey man....I've been following your thread and saw that you made an offer on a property the other day, I'll keep my fingers crossed for you guys! I actually was able to put my next project under contract on Friday. I'm just waiting on the title company to do the due diligence on the property but am hoping to close within the next 2 weeks.
@Jason Pritchard nice work! Keep your eye on the ball. It took me deals before I stub my toes.
This is amazing. If you don't mind me asking, how did you find this property?
that's great! Now on to the next one! I'll be waiting to read about it.
Great job, I am interested in what techniques you guys will use to find the next deal. Look forward to the feedback.
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