Second flip sold and bought 3 houses in a single day!
So when I initially planned on flipping 5 or so houses this year I had this crazy notion that it would be semi reasonable....1 every two months or so. Instead I ended up buying 1 from a charity and 2 at a foreclosure auction on wednesay! So we officially have 3 flips we will be starting in march and one that should be finished in a couple weeks. Perhaps I should have shot for 10 instead of 5! To think last year we only did a single flip. Oh boy well a few lessons we learned from our second flip.
1. Time is money, even though you might make a great profit with a gut rehab they tend to take a lot longer.
2. Foreclosure auctions are amazing! Often a really good realtor will be able to get you into them before the auction don't be afraid to ask.
3. Properties at the foreclosure auction tend to be in better shape than some of these houses that have been sitting for years vacant.
If anyone has any questions please feel free to ask as I will try and help out as much as I can. The cities we have bought flips in this year are woodstock, joliet, marengo and rockford.
Numbers on our second flip were 40k purchase price 90k rehab and 175k sale price