My New Flip Deal
Guys and gals,
I wanted to share my new flip deal that I am pretty excited about. Its been about 7 years since my last flip and I have been mostly helping other investors find deals and doing due-diligence. I decided to cash out and get back in the game. I have been looking for a few months and analyzed easily 100 deals in that time frame. One finally came to me via auction.com of all place with a referral from my best friend.
The home is a great 3/2 1950 sf split foyer. As luck would have it, I know the original builder back in 2010 and it also is in the Town I grew up in so I am very comfortable with the market there.
Auction.com in my experience is a little bit of a scam because they have the "seller approval" clause. To my extreme surprise this property did not.
I was able to snag it for $182,500. Closing costs will be about $3k. I should be all in around $186,000. Comps are $260k and it needs paint and carpet and minor cleaning and touchup.
Just wanted to share and I will update as it goes. Feels pretty awesome to snag a deal this good. The lesson I hope any new flipper reading this learns is that I passed on about 30 "good" deals to be cash ready to snag this one. BE PATIENT!!