I have talked about our conservative approach to purchasing properties in past blog postings. While the competition chooses to purchase up to 4-5 marginal projects each week, we choose instead to pick up 4-5 quality projects on average per month. There are months where we purchase more, and months where we purchase less, it just depends on the inventory of the banks we work most with, the willingness of sellers to discount projects, and the time of the year. Home Sales can be compared to Car Sales. Towards the end of the … (0 comments)
flipping: Our First Flip!!!! Paid $36,694.01 on 11/30/09.. Sold for $55,000 on 1/11/2010!!
- 01/19/10 04:46 AM
Our First Successful flip under Pacific Servicing, LLC! On November 30th, 2009 we bought this property located at 504 Cheyenne Circle, Banning Ca 92220. We paid $34,694.01. We bought it at the Riverside court house steps through a trustee sale. We paid cash, got a receipt, and that was it! There was no escrow period, no inspection period; we in essence are buying it blind, with nothing more than a drive by assessment of condition for us to go off of. On January 11th, 2010 we closed escrow on 504 Cheyenne Circle, Banning Ca 92220. We sold it for $55,000 … (6 comments)
flipping: Our first 4 projects!!
- 12/31/09 03:47 PM
Our first 4 projects are underway under our newly formed company, Pacific Servicing. We purchased the properties at the Riverside County courthouse during trustee sales. The properties are located in Riverside, San Jacinto (2), and Banning. 3 of the 4 properties (All purchased in the past 30 days) are currently in escrow, 2 of them with cash closes of 15 days or less. Our 3rd home is in a VA escrow, and our 4th is in the finishing stages of an eviction and we will have possession next week. All properties were purchased 20-35% below what the current market value is … (3 comments)
A conservative approach pays off every time!
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