Flip For A $20,000 Profit!!

Bought a HUD home 4 bed/ 2 bath ranch 1800 sq. ft. with full basement. Purchase price of $55K. This house was the ugly, but I sure did see the potential! New siding, gutters and windows. Gutted the kitchen and both bathrooms. New maple cabinets in kitchen with granite tops, tile floors and recessed lights. Bathrooms new everything also. Updated some of the wiring in the house along with plumbing. Kept original hardwood in part of house and installed new carpet in backside of house where old carpet was previously. Painted the entire house to cover up the yellow and purple walls! New doors, fans and much more. Total rehab cost of $45K.

Listed house with my realtor and was in contract in 2 weeks! Sale price of $132K CASH and I am still smiling!

My LOWEST deal so far, but it's a deal!

Well guys, I just made a decision to try to get and $1,500 or lose the deal. Since I usually opt to risk-- I think I love the hunt and adventure, it was odd that I opted to take the money and run.

Here in Vegas, we have a fair number of "dogs" on the market and as luck will have it most of buy/hold investors look in that arena.

Here's the deal:
1,000 sf 3X2 in a borderline, but non- violent area
Wholesale comp is $38,000
ARV $50,000

It's a Hot Mess, has a pool, cabinets have been stolen, copper is probably gone too.

My buyer REALLY wanted it at $31,000.

I have a final counter from the bank at $34,000.
My buyer said he would take it at $34 to keep our relationship good---- (he wants to buy 25/month) and he would give me $2,000.

$36,500!! Did it just how DEAN says to do it!! CLOSED 5/14!!!!!

How did I find this deal? Driving for dollars that's how. Just like Dean teaches in his books, I was driving one of the areas I work. Up one street and down the next. Looking for FSBO signs and for rent signs. This is a very hot area where a lot of scrapes, pop tops and full remodels are taking place.

I see these THREE houses in a row with for rent signs. I call and ask if he wants to sell. He says Yes! I get all three properties under contract for $788,500. I was hoping to assign the deal for $838,500 but my buyer talked me into $825,000. With a non refundable earnest money (certified funds) check of $45,000!! Oh well, I made $36,500 instead of $50,000.

Took the two contracts and earnest money to my title company. Closing is set for May 14th.

Our second Quad!

Today, we just closed on our second Quadplex! This baby is second and located Next to another Quad we closed early this year. Both were REOs and bought them for 50% off market value. We paid $20K per quad. We almost own the whole block with the two Quadplexes and large parking area. Another great piece of investment. We are rehabbing this one and look forward to $400 / month / unit. Very exciting on what's going on, and indeed this is our chance to get real estate for pennies on a dollar.

Our biggest check to date!!!!!!

We just received our biggest payday to date! Over the past few years I have been writing about our Ohio house. It has been our biggest project. We didn't put this deal in our company we kept it to ourselves.
Dan and I rehabbed it by ourselves. Then put a tenant buyer in the home. 15 months later it has closed!!!!!!!!!!!!!!!!!! Woo Hooooo!!
Our PML is paid off! Dan and I received a check for $37584.22 This is such a finacial relief!
WE didn't believe our TB would ever close. Dan and I helped her along and we got it done.
Our contract withour PML ended in January. We got a 6 month extention and helped our TB find financing. It was financed as a refi not a purchase. So we are still carrying a second on the house
So here are the numbers;

The Problem With Using Prices as a Market Turn Indicator

An article this week at Fortune.com, titled The one number to watch for a housing recovery, speaks to the reliance on home prices to try and call a market turn. In the last few months, many economists have concluded that the housing market may indeed have turned and is in a healing mode. Many would doubt this, especially if they’re using home sale prices as the indicator of a market trend change.

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