Single-family residence fix & flip investment in Merced.
Purchase price: $170,000
Cash invested: $6,000
Sale price: $350,000
$160,000 profit after all expenses in just 2 weeks! This was a great wholetail fast flip and I will be speaking about this deal in my September 10th live event at RosevilleMeetup.com.
This deal was referred to me by someone in my REI group. It was an almost 3 hour drive each way from my own house, so I was really reluctant to do the deal. I drove down and saw the home and it needed a lot of work. I also met the seller for the first time and he wanted $225K for the home. The truth is that I really did not want to flip this house because of the distance, but decided to make the seller a really low offer so I could wholetail it. I offered $170K and 2 days later he accepted.
We rented a 40-yard dumpster and filled it with debris and furniture that was left in the home. The flooring was already removed as there had been pets going to the bathroom and the urine smell was strong. We cleaned the concrete floors with dawn and water and a stiff push broom for scrubbing. We then used a shop vac to remove all of the dirty water off the floor. We then used hydrogen peroxide sprayed on the floor (This stuff is cheap at Target!). We then bought a $99 Ozone Generator on Amazon and ran it for a few days in the house. Lastly, we painted the concrete floors with KILZ stain and odor blocker. This left the floors white and looking ready for new flooring.
We also patched a few holes in the walls and cleaned the house up as well as possible and listed a little over a week later. I made the decision to list at $299K, but multiple offers pushed it to $350K .
This was a home run at $160K profit and just 2 weeks of ownership! I do a lot of flipping and wholesaling and it is my biggest profit fast flip.
How did you finance this deal?
Awesome job, any idea how much rehab it would've needed to be a traditional flip compared to cleaning it out and wholetailing it as you described? I know you mentioned not wanting to flip at such a long distance, but do you have any specific metrics to decide whether to flip, wholesale or wholetail a property?
Amazing job getting this great deal in the bag and that too in such a short time! Congratulations!
Good Luck on your future prospects as well!
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