I have a record 13 flips going now!
I remember a couple of years ago I had 10 flips at one time. It took a ton of money and stressed me out big time. After I sold a couple of them I decided to never have that many flips again, but to instead focus on buying more rentals. Well, the market in Colorado is so crazy that I do not want to buy single family rentals here (I am looking at other markets). The median price in Greeley has gone from $110,000 to over $260,000 in four years.
It has been over a year since I bought my last rental and I have sold two this summer as well. I am down to 14, and still have my goal to buy 100, but I am not going to force myself to buy bad deals.
Since I have not spent as much time on the rentals and I have my real estate sales team set up to run by itself, I have been focusing my time on flips and my blog. I had a really bad experience with a project manager I hired last year, but I did not let that deter me. I put one of the members of my team in charge of project management for my flips this year and things have been going awesome.
- I have 13 flips going right now, which is the most I have ever had. I have had 12 at once a couple times this year. I have four flips on the market, including one at $879,000 (most my flips are less than $250,000). Two flips are set to close in the next two weeks. I have three flips coming on the market in the next three weeks.
- I have sold 11 flips so far this year.
- I have bought 14 flips so far this year. I have one more under contract to buy.
- Almost all my deals come from the MLS.
- I am going to average over $30,000 in profit on each one after financing costs and staff costs, even though I lost money on one deal.
It has been a great year for flips and now that my team and contractors are working well together I can focus more on other aspects of my business. I plan to buy more rentals soon either in a new market, or in a different real estate space. If things keep going this well, I should be able to add another Bull (Lambo) to my collection.