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Updated over 15 years ago on . Most recent reply

$Boom First Flip Done$
Hi Everyone I just completed my first flip 2 weeks ago.
Here are the numbers.
Outer Banks NC little beach box
referral from my mom (co-worker)
Lady had already been through Bankruptcy
loan was with Wells Fargo conventional
owed $240K and was $40K behind/interest/lawyers fees etc.
Total $280k.
contacted a local agent (buddy) for CMA.
I offered $65K gross
meet BPO agent she said "this looks like a tear down" all I heard was CHA CHING.
BPO came in at $85K
negotiator told me the BPO amount ( I already new it from the BPO agent) and said they had to have 85% I offered $74850 gross and had $1500 negotiating fee and $1000 Doc prep fee in that. She cut the doc fee but left the neg fee. I found a conventional buyer in 3 days on Craigslist for $94K I used transactional funding and closed back to back (it took two days we had a little hiccup) after it was all said and done I walked with $13,000 profit + $1500 neg fee.
Wells Fargo had the verbiage in their approval letter about disclosure of a flip, my lawyer said it was disclosed in the contract and sent them a letter stating that fact and it was a non issue.
I would like to thank the BP community especially Ted Akers for all his advice and Transactional Funding service he is top notch in my book.
Most Popular Reply

Thanks Richard, that made my day.
That is freakishly fast, make sure you stay in the touch with that negotiator and send all your WF deals to them.