Over $200,000 Profit in one deal at age 22!
Hey guys, so I want to share my experience with you guys, I hope it inspires many of you who are starting out.
I am from Venezuela and moved into the U.S only 11 months ago at the age of 21, as soon as I arrived I started learning Real Estate, I am an Engineer so numbers are my thing, so after a few months of hardcore preparation, I obtained my Real Estate License and quickly applied my knowledge and tools to Real Estate Investing.
I found this deal after several weeks of nonstop door-knocking in Miami, it was hundreds of doors knocked and rejections before I was able to find this hidden gem.
This property was in pre-foreclosure status when I found it.
Here is how the deal went down:
Purchase Price: $99,800 + Closing Cost: $3200
Rehab: $50,000
ARV: $250,000
Description: 3/1 SFH in OK condition in a fast growing area in Miami, full interior rehab was done. several comps of similar properties in the area have sold between $230,000-$280,000 price range. The property will be listed for $250,000
Bonus: Property is 10,000 SqFt and is currently being split into two 5000 SqFt lots, giving me a 5000 SqFt vacant land which sells for $120,000 (Cash offer is on the table waiting for the county to finish the lot split.)
Cash Invested in the deal: $153,000
Brought in a Partner to put most of the cash in the deal and split profits 50/50.
Net Profits: $90,000 (Fix-&-Flip) + $115,000 (Vacant Land) = $205,000.
Consistency is everything. It is painful at first but I promise you it will pay off!
"Success isn't always about greatness. It's about consistency. Consistent hard work leads to success. Greatness will come. "
-Dwayne Johnson
I wish the best to all of you and hope this experience inspires you, I will share my experience with you guys soon, stay tuned, great things to come!