Finishing up 2018 Strong $150,000+- on this Flip!!!
Hello to all of the BP Community,
I wanted to take the time & share a success story with you all.
Goal: To Encourage, Inspire & Motivate.
The Deal:
I bought this property from a direct mailer i had sent out in 2017. The owner had tried renovating the property but had ran out of money. I bought the property for $200,000 in March of 2018.
I had the funding to renovate the property & was ready to start the work. In NYC you need to have architect open the Job In order to get a work permit.
In the time it took for me to get the permit, I started to receive offers on the property from buyers willing to take the property as is. some of the offers that came in were for $325k , $350k, $375k, $399k. I considered ALL offers but decided to go with the last one :-)
it was an ALL cash over , closing in less then 30 days. I was very happy with the outcome of the deal. The buyer was brought to me by another BP member who I had met on BP last year.
Lesson Learned: NETWORK, NETWORK, NETWORK... because you never know where your next deal will come from.
Profit: I netted close to $150,000 on the deal after closing cost , brokers fees, etc... Not a bad way to end the year.
Wishing you all happy holidays & a Strong clear Goal for 2019!!
JP