No Money Down or Out of Pocket Flip

[Tom Spaeth]

Just wanted to share this fix and flip we completed.

I bought this house in very bad condition, from an estate, for $30,000. The house had mold, no insulation, and was in generally bad condition. I bought the property as-is and had a hard money lender that agreed to let me get $10,000 up front by wholesaling the property to myself. So I paid absolutely no money down and no money out of pocket from start to finish. Over the course of 99 days we remodeled the house from top to bottom; added an egress window and finished two bathrooms to take it from a 2 bed/1 bath (plus something that may have been a bath at one point) to a 3 bed/2 bathroom home, as well as adding a garage, the egress window, framed out and added insulation, added new electric and plumbing. Lucky for us, the roof and sewer was in good condition and didn’t need any work. We invested a total of $118,653 into this project and profited $38,045 in 139 days purchase to sale.

Thanks!