Love Flipping a House with Our Maintenance Man
A few years ago, Mark the maintenace man who worked on our homes under management and I became friends.
Mark could do anything that a house needed or if he personally couldn't, well then he had friends who could. I could see him operate over the years and was very aware of his skills.
Chatting one day we said we should go togeather and buy and flip a house that needed work. I was the broker and finance guy and he was the renovator. So we did.
We both started looking and Mark is actually the one who was coming up with some good prospects. The house we bought was a vacant foreclosure that smelled awful because a lady lived there with a bunch of dogs according to the neighbors. Nobody wanted this house. Mark had to even talk me into it.
We bought that home with all cash that I provided and not only Mark went to work, but Mark's wife, myself and my wife even pitched in. We stipped that baby clean. I remember taking a razor and scraping filth off the inside of the windows. We stipped and refinished the kitchen cabinets, repaired and painted everything inside and out. We got that house looking good and felt good about it.
I put a sign in the yard and sold that property for a little less than twice of what we paid for it. We had expenses but most of it was sweat equity. After closing Mary Ann and I met Mark and his wife for a toast and to split the profits. Mark and his wife were younger and just getting started and I think they really liked getting their share of the profits. It was sweet.
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