So this is not my first deal but I am so happy to share this “first deal” success story with you. I went out to lunch yesterday with an investor who partnered with us at the end of last year to learn how to flip. The investment that he partnered with us on went really well and it took about 4 months from start to finish.
We used hard money to purchase the home, and the investor came in with 37k for the rehab. He earned 10% APR on his money while it was invested (it was not an equity split just a straight percentage return) and he got to meet our team and see how we purchased the deal and ran our numbers and determined the quality of the rehab.
He then went out and got a property and used our contractor and is now almost done with the rehab. Yesterday at lunch he said that he has been getting a lot of traffic to the property even though it isn’t finished yet and he has already received an offer for higher than he had anticipated; and it isn’t even finished yet! He told me that he expects to have a profit of 30k from this, his first flip.
How awesome is that! He came to learn and then went out and did it. Truely awesome!.
Thanks for posting. Did he use hard money as well, for this project?
@Scott Harper Yes, he used hard money to purchase the deal.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.