So back in 2015 I read a great article by @Brandon Turner it was entitled Want to make 1,000 an hour or more. Here is a link if you want to check it out https://www.entrepreneur.com/article/245311 at the time I was a do it all landlord......I mowed lawns, vetted tenants, picked up rent, if you can name it I did it. The article made me stop and examine if I was really working on my business or in my business. From that moment on I made it a goal of mine to be able to pay myself over 1,000 an hour on a real estate deal. I have gotten close on a few deals but today I closed on a deal and finally hit that goal of mine. If you read my post https://www.biggerpockets.com/forums/223/topics/539116-second-flip-sold-and-bought-3-houses-in-a-single-day this is one of the places that I bought at the auction. I paid 42,000 for this house at the auction, my court date was set for 4 weeks from the auction. I spend an hour preparing a motion for immediate possession and an affidavit supporting my motion. The judge granted my motion and I sprung into action, I called my realtor had him immediately list it called my plumber had him go over and examine and fix a few things. I got an all cash offer in 3 days and i'm happy to say I closed today. Final numbers 42,000 purchase price 2,000 rehab 9,900 closing cost 17,100 profit for 10 hours of work and a 38.8% return and an hourly rate of 1,710! On to the next goal!
Nice work keep it up.. love it when you actually buy and a principal and sell as a principal.
it only gets better.
I don't know what my record is.. but if you do this game long enough you will get some whoppers..
Thanks @Jay Hinrichs I wouldn't' consider this a whopper in terms of total profit but in terms of effort involved it certainly was lol. I wouldn't mind doing one of these deals a week forever!
@Philip Williams Nice job! I'm still at the do it all myself stage, need to do some homework.
Congrats to you @Philip Williams ! I walked the property with him and saw just how little had to be done to the place. I look forward to trying to repeat this as many times as possible. Wash, rinse & repeat!
Congrats! Most people feel like they have to go all out and do a full rehab. Based on many factors (location, condition of property, inventory, demand) it may be best to do the minimum. Good strategy!
Yeah the first three flips we did were complete gut rehabs, while we made a nice return on our investment it took forever.......
Excellent! I had already seen your previous post... Thanks for keeping us updated. It's good to hear "regular" folks talk about their successes! Keeps me motivated 🙂
Well I've gotten plenty of motivation from around here so i'm glad I can provide a little bit back!
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