I’m not going to watch dancing with the stars.

11 Replies

Hello BP friends,

I will make this a long story short.

I bought a house from a motivate seller in cash.

I used private money to buy it. ( I know, I know, I should of did an assignment contract but we couldn’t in this situation)

The house isn’t selling. We have some interest but no takers.

I hired an agent. We have more interest but no takers.

I’m considering taking it off the market and getting a hard money loan to flip it myself.

Has anyone done something like this before?

@Colby Hage

Yes I will make money. Profit isn’t my top priority right now. This is my first deal and I just want a competed deal underneath my belt. I bought this well below market value. I have a bit of wiggle room to lower the price.

@Todd Fullerlove if you can lower the price and still make money it’s a win.

You can take your money off the table and move on to the next one.

You should be proud of yourself for getting your first one done. You’ll always remember the first one.

On the other hand, if you got such a good deal, it might be the time to knock out your first flip. The same wiggle room you have to make money on the wholetale is wiggle room you will have for the mistakes you will likely make on your first flip.

This is honestly a really good way to start your first flip. You have some “learning” room without as much risk of losing money.

Keep us updated if that’s what you decide

@Colby Hager

Yes, It will be a full tear down. The seller pretty much took everything from the house before she got foreclosed on. The house is a little over 500sq and it’s a 2bed 1bath with a 600sq detach garage. After running the numbers it will be more cost effective to just demo the house and rebuild a new one. Which is still possible for a nice profit.

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here