I believe I'm about to close on a property 66 days after I bought it on Sept 6th. I've sold some in less time but never a full rehab and never to an individual buyer. It went under contract on the first day on the market, October 10th, but that contract fell through quickly, and I was able to put it under contract the next day. Mortgage company was able to fund it in just over a month.
I wish I could say this is typical, but it is not. I have two more scheduled for closing at the end of the month which went on the market in July and September respectively. I also have been hold two properties for over a year. UGH!
Nevertheless, I'm exceedingly happy about the short turnaround time for this one.
Congrats! That is awesome!
Congratulations @Cal C.
On some of my flips, I have finished rehab in approximately a week from purchase and then had a signed contract with an end buyer in the first 14 days. Unfortunately, every single buyer took over 30 days to fund the loan and close escrow. Keep up the fast closes (More money in your pocket to use on your next flip!) and make sure you have contingencies in place if your buyer takes longer than the agreed upon time. I am currently collecting $150 per day on a house where the buyer has gone over the agreed upon close of escrow. This is a huge incentive for buyers to close asap.
What an awesome post! Thanks so much for sharing. Hearing about your success is truly an inspiration and it was fun reading. Whether it is the norm or not, it happened and that is praiseworthy.
Keep us all posted on your good new!
@Brie Schmidt Thanks!
@David Friedman Thanks! I'll keep the $150 thing in mind. I last saw that when the market was insane 8-9 years ago.
@Victoria Winters Thanks! I'm certainly working on it. Now I just have to find some more properties.
Congrats @Cal C. that sounds great!
Originally posted by @Azeez K. :
Congrats @Cal C. that sounds great!
Congrats- This will be my new record to beat- My best days so far was one that I sold in August that my days from close to close was 76 days to an end buyer who got a 30 day loan and it was a 4 week full rehab.
Thanks! Nothing like a good bit of healthy competition.
I look forward to kicking your behind-- I mean winning :-) Don't let the 10 days you have ahead of me make you feel too comfortable over there. ( She said in her nicest voice). I have two properties I bought on Oct 31st and I'm already on bathroom tile and paint so I think I have a shot of beating the 66 days- Assuming a buyer doesn't come along and mess it up.. HAHA..
Congratulations @Cal C. ! Do you have any before and after pictures you can share?
Congratulations that speaks volumes to the new investors. Thanks for sharing.
Thanks! No unfortunately I didn't take any before pics. I only saw the property for a short time and I was in a rush to see some more properties both times I was there. I didn't see it after I bought except for a few minutes to figure out what needed to be done.
@Craig McCreight Thanks! If you are new doing this I strongly suggest you take a long look at 123flip.com. BTW I learned from the master, @J Scott, so many of my houses look like his.
Thanks I will take a look that site. Any ideas on how to connect to private money?
No not really, the borrowed money I use is from portfolio lenders.
Congrats! What do you think you did to stand out? How do you think you were able to sell it so quickly?
@Hardley Dupont Great question! I took 4% off what I thought it was worth. I probably wouldn't have done this if I had the other two houses in the same place under contract, but when I put this on the market they were still waiting for buyers. I still made ~25% Cash on cash return-before taxes :(.
I thought I was going to break this record, but the mortgage company asked for a four day delay so I'll just end up tying it. One of these days I'm going to do some rehab pictures.
My next one won't be as fast since I bought two on the same day and only was able to work on one at a time.
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