Finishing up 2018 Strong $150,000+- on this Flip!!!

14 Replies

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.

ProfitI 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 

@Jorge Pena

That's a nice way to end the year!  Networking clearly pays off!

Great work Jorge

@Lucas Haack It sure is Lucas. I was glad to see my mailers give back such great return. 

@Jorge Pena Wow really a grand slam especially since you didn’t even have to do the rehab. Pretty crazy the seller would sell so low , just curious around what price did they buy it for ?

@Joseph M. Thank you Joseph. Im not sure how much they bought the property for, but they have owned the property for close to 15 years . 

@Jorge Pena How is net profit exactly the tile company net proceeds check? You get 100% financing or something. At minimum you’d have some holding costs right?

That is a great ROI on your mailer. Nice payday without having to do the renovations.

Absolutely.Thank you Rubert! @Rubert Grant

@Levi - Thank you so much! I see your in NYC. We should try & get a networking group together. DM if interested :-)

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