Just closed my 25th transaction!

46 Replies

I've been investing since 2009 in a mixture, of flips, buy and hold and live in flips. The market in Brevard county Florida has been increasing in activity and prices. There's also lots of new players wanting to flip houses, especially inexpensive ones. 

This being my 25th transaction feels like a landmark so I wanted to tell you guys about it. I'd been looking hard for a deal and came across a FSBO on craigslist. It was a 3 bed 2 bath palm bay house built in 1958. I negotiated the purchase price to $32k cash and closed quickly. The house had potential, I had 3 exit strategies, 1. fix and flip, 2. fix and hold as a rental, 3. sell to another investor. My first choice was to try to flip to another investor. I shopped it around to my REI group and other investors I know. After a couple weeks of no solid offers, I listed it on the MLS for $46k. The phone lit up and had 7 showings the first day. One was a truck driver who just moved here from Ohio. He wanted a home to live in with his family and fix up. They made me a cash offer of $45k and I accepted! What I thought was going to be a wholesale type deal ended up going to an end user and everyone is happy!

Thanks for all the support guys...  @Mike Jury  asked for numbers. This was an easy one, purchase price $32k, I spent $500 to repair a broken window, install a new back door, change locks and clean up the yard. Closing costs were just over $1k. Sales price $45k.

One of my goals when I bought this house was to test my exit strategy of selling to another investor. It turned out the deal was not attractive enough to the experienced investors I knew, but once I put it on the MLS it got lots of interest. Maybe buyers newer to investing or ones that can't find deals privately are willing to work off smaller margins. Regardless, it seems to be a good strategy that I'll continue to test. This is one of the benefits of having a real estate license. I can use the MLS as another tool to sell without it costing much money. For those that don't have your re license, you can use a flat fee listing. So for a few hundred bucks, you can get on the MLS

@Scott Schuetz...Awesome follow through Scott! They call what you did Wholetailing. Michael Quarles is a master at it. It is definitely an attractive strategy considering the current real estate climate across various markets. Why Wholesale it when you can Wholetail it and command a higher price through the MLS. Job, or should I say, deal well done!

Prosperous Investing!

Randy

Congratulations @Scott Schuetz on your milestone! 

What was your intital strategy when you started? Buy/Hold, Fix/Flip, etc.. and when did you adjust your stategy to include other areas and why?

I'm very curious because I have only done Buy/Holds for my 6 units and in order to reach my short term goals of acuiring 9 more units (in the next 18 months) I am educating myself on other strategies to implement to raise capital. 

I love to hear other investors successes and opportunties so I am able to curtail that to my own investing. 

Michael

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