Can you believe it? It’s been listed for one day and we already have a showing scheduled by some very motivated buyers! I see an offer in our very near future…
Renovating this home was a wonderful experience. We restored the hardwood floors to a beautiful Mahogany finish. Marble replaced the old Formica counter tops; Brushed Nickel replaced brass and tile replace linoleum. We spared nothing on what was supposed to be a standard Fix and Flip job. See for yourself:
Check this out! My partner just got a new deal and is hoping to close mid January. Teehee, should I tell her I already have an interested buyer?
My wonderful friend Candy and I are partnering on this deal! Another Rich Woman partnership…that’s 2 in the same week!
Can you believe this Diamond in the rough has FIVE bedrooms and TWO full bathrooms? It looks so small and cute from the outside, you’d never guess by just passing by…
It’s like jabbing a hot fire poker in my side when I see a Realtor trying to play an Investors role when they don’t have a clue! Arrgh!
For example, I found a property that has 4 bedrooms, 2 baths, and a 1 car garage with 1666 sqft in the Pikes Peak Park area of Colorado Springs. Because of the neighborhood, a seasoned investor would know that the house will only afford 120k – 130k tops no matter what time of year.
Don’t get me wrong, I don’t mind other people making money with Real Estate, there are plenty of houses out there. My beef with this deal is that the Realtor playing Investor paid 10k too much for the house, spent a minimum of 20k to fix the place up, and is now asking 10k too much for the property. It’s listed at 139k when they should know that they will only get 130k TOPS! I almost feel bad for the person (ALMOST), but it burns my butt that the Realtor works with the listing company and they so happen to outbid all the other investors AND will only end up breaking even AT BEST!
Realtors: Do your job and be a Realtor.
Investors: Do your job and be an Investor.
Don’t mix and match, it just messes up the comps and makes us mad.
There is obviously a story behind this, it would be extremely difficult to work a deal this quickly without one…
A good friend of mine, Michael Jake, secured this property under contract and wasn’t sure what he wanted to do. Buy it for 73k, put 20k into it and then retail it for 125k…? Not a bad deal. A mutual friend of ours, Shane Bruckner, had a buyer for the property that qualified for 90k. The buyer really wanted the house before Christmas, but could not buy it in its current condition.
Michael calls me up and asks if I wanted to buy the property from him, fix it up to meet the buyers’ lenders conditions and then sell to the end buyer for 90k. It sounds good, but it’s getting a little skinny now.
I called up a couple of my contractors to see what they could do for me. I told them the situation and I got one to work with me. We put less than 5k into the property, took a week to fix’er up, and the rest is history!
Normally I wouldn’t do something this skinny, but that’s the joy of being a full time investor. I was able to do this deal, give someone a nice Christmas present, and keep my contractor working during the hardest time of year. Even though I didn’t make a lot of money on this deal, I was happy to just to pay it forward!
Cost of Aquisition: 78k
Cost of work: 5k
Sales Price: 90k
The smile on everyone’s faces who participated in the deal: PRICELESS!
I walked through the property today to see how close to ready my good friend Eliz’s rehab is for the Open House tomorrow. Yikes! She has a toilet in the hallway and it looks a mess!!! I hope she knows what she’s doing, check this pix out:
This is my partners first rehab and she is doing a wonderful job! We will be having a preview this Wednesday, December 16th for those who would like to see what’s been done.
Come join us at 2307 Lassen, 80910 for a festive Holiday Open House. Another successful renovation has been completed. We will be showcasing our custom granite and tile work from 5 to 7pm…
Day One was great! For the lineup we had Tom Martino, Andy Heller, Bill Bronchik and JT Fox. The day was jam packed full of info and energy!
The were alot of familiar faces and we all had a wonderful time, the networking itself was worth the trip. If you did not make it, please make sure to go to the event next year!
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