Best Real Estate Flip.
I am interested to hear a story from my readers who have either participated in or known someone who has made a substantial profit flipping a property. I would also like to hear about a disaster story. This is so we can learn from each. I feel that more people need to share their ups and downs in real estate.
Here are a few of mine.
I bought a property from an 80 year old man who wanted to sell and move to Florida. This apartment was in Connecticut and I bought it for 80,000. I told him I would arrange financing and that I was going to rent the property. I then decided that I didn't want to rent it, but instead flip it. He had given me the keys because I wanted to redo the kitchen floor before I moved in (risky on his part). I then showed it to a buyer, she liked it and then I simply assigned my contract to a first time homebuyer and sold it for 104,000. The entire process was only one month long. Net: $24,000 that was 1031'd into another flip. I took that money and bought one in the same building from a guy who was getting transfered, (NOBODY IN THIS BUILDING KNEW THE VALUE BECAUSE NOT MANY HAD SOLD). He sold for 94,000 and I actually closed on that one, showed it for about 3 weeks and found a buyer for $135,000 all cash deal. $41,000 (hold time of 1 month).
I have a few other stories that are comparable, but those are the best real estate flips that I would like to share.
I want to hear about real estate flips from all over the country, and don't be ashamed to post a horror story, it happens to everyone and just look at it as an expensive lesson.
Thanks for sharing.