Flipping Smart

Well it’s been another busy summer and a rather eventful past few weeks.

We closed on our last purchase in July. This is a short sale deal that doesn’t need too much work. It’s a nice 4 bedroom 2 bath Cape in need of mainly cosmetics. We were able to get it at a real good price because the people living there were very dirty. They had junk all over the floors, dirty dishes and empty food containers all over the kitchen, trash bags spread throughout the house and the house stunk pretty bad. I was pleased to find out that they didn’t pick anything up when it came time for the appraisal, so the house showed really poorly thus helping us get the discount we needed.

After we closed on the short sale house we didn’t have anything new set up in the pipeline. Every once in awhile we hit a little dry spell when we don’t have any deals lined up…… it’s very rare but it seems to happen like once a year…. don’t get me wrong, we are still working on several rehabs, and have a bunch of finished deals and wholesales lined up to sell, but we didn’t have any new purchases set up.

So I cranked up the marketing and sent my vibe out to the world that I was looking for deals…. kind of like in The Secret; you know, the law of attraction and all that metaphysical stuff.

Next thing I know, 2 weeks later, we are working on 5 new purchases….. and I still have a handful of leads to follow up on that could be deals too!!!

So now Dominic is busy working on the paperwork for all these new properties as well as getting the funds together.

Meanwhile, on the other end of the spectrum, we are selling quite a few properties as well.

One that closed Friday was a nice wholesale deal. Now usually wholesales are suppose to be turned real quick for some fast cash…. not the case on this particular one. We picked this deal up as part of a “cherry pick” of a bulk REO package. It was a multi family property with some slight fire damage. It had been vacant for quite some time and the looters got in there and stole all the plumbing and heating systems. Our deal with the bank on this one was that we had to front the whole purchase price while they processed the foreclosure deed, this was back in December. We were told it should take 30-60 days for the deed to be processed, but could take as long as 180 days….. No problem we originally thought, that will give us plenty of time to sell it.

Well we found a buyer willing to pay full price in less than 30 days using my Craigslist posting methods …. unfortunately the bank was a little off with their 30-60 day time frame.  I guess with all the robo-signing nonsense and lawsuits going on the banks are being even slower in processing all their paperwork and getting the deeds out.

So after about 7 months we finally got word that the foreclosure deed was in. Our buyer stuck around the whole time because he knew he was getting a great deal. We closed last Friday and finally put an end to our “quick” flip!

I’ll get some pictures up of some of these latest deals, as well as our current rehabs, as we go along.

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