Offlinelol! I did the 'silly boys flips are for girls' because I'm still considering getting one of those window stickers to put on my truck just to swing by the next REI club meeting. Since I'm the only girl there and a while back several of these older, wiser REI (bhhaahaha) said "Go home sweetie you wouldn't make it in this business 6 months!" I said "watch me!" (so remark was only a plug for a little self gratification! - lol)
So anyway, a few DG'ers already heard about this from another place I posted. (so sorry for duplication) but decided to post here as well.
o.k. I don't upload docs "proof' much, but was excited about this deal. And hoping it ignites a fire and breeds encouragement! This is my largest 'single' payday so far! Funds were wired to my account on Monday about 2:15 attaching a print screen from bank ledger. This was a retail flip total turn time 77 days (from close to close). My NET profit AFTER PML was paid out: $23,500. (PM LUVS me. lol he wanted to know if I was ready to go again? This one was super clean. Turned better than expected. Did not hit overage allowance so I decided to over delivered our original agreement and split with PML and kicked a bonus to crew)
btw: this deal came from a bandit sign! USE THEM! 
This was a non-listed property. Actually it never hit mls at all. I put both sides of the transaction together.
Lead as mentioned above was off a bandit sign. Couple going through a divorce. I actually ended up paying them more than she said she'd take. Couple was hurting and didn't care. Neither wanted the house. They were into the property well. Over the time they owned it they actually had bi-monthly payments debited from their account. That on top of the DP when purchase, they had equity. I don't believe in kicking someone when they are down. I personally believe your reap what you sow. I ran the numbers after getting off the phone with her, it had a FMV of $92k they owed slightly over $20k and wanted to just walk away because it did need a few repairs and they had talked to a agent that said they had to fix everything before she would list it (dang lazy agents wanting an easy sell). Instead I ended up giving them $29,700 to clear the mortgage and enough to payoff their credit cards.
The kicker about this deal is that while digging, did some pretty heavy market analysis to confirm, for the last 6 moths straight there have been 3-4 retail sales in that subdivision alone every month with DOM under 50.
So to lay it out:
$29,700 purchase price
$15,000 budget for rehab
I pulled $45k from a private money lender
ended up putting $11,400 into the property. had just over $2k in closing, insurance, utilities, etc.
this particular PML is super simple. cost came a little over $6k
I NETTED $23,500 on this after my PML was paid out. We came in under budget so I split the allotment $2k to PML and $1k bonus to crew.
back side of the transaction I had a retail buyer that wanted this school district. This property fit what they were looking for. I sent them to my mortgage broker, she handled it all. We settled for $76,500.
The seller walked away debt free, buyer had equity in a like new property, everyone got paid. Happy story!
Yes I could have listed/sold for the $92k, me I'd rather get in, get out, get paid! Don't have to strip ever deal. The END.
oh one more point to mention.......I had ZERO out of pocket in this deal. Yeah me!!
I LOVE this story and I LOVE:
"Silly Boys Flips Are For Girls!"
You are AWESOME!!!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
thank you Karen! you are more awesome!
jen
awesome deal. yes you could've priced AND sold it higher, but you made great money quickly. you paid everyone better than expected and came out well yourself. win win win. it just doesn't get much better than that. oh, and by the way the hml, and the divorced couple are all gonna remember you in a good way and i'll bet they pronounce your name right when they tell others lol.
way to go jen.
keep moving forward, rob
whether you think you can or you think you can't, you're right.- Henry Ford
keep moving forward, rob
thank you guys!
just goes to my purpose.....always leave them better off than you found them!
God bless,
Jen
here here, i'll second that.
whether you think you can or you think you can't, you're right.- Henry Ford
keep moving forward, rob
your deals just keep getting better and better every day!
The Girl is rocking it!!! Way to show them! LOVE IT!!!
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
I of course am one that has already heard about it. But the second time is the best.We get the real good details of it. I just sit here and shook my head ha ha , Your something else, and I am sooo very happy for you. Great job Jen !!!
Take care
Curtis Fillers
(Charlotte,NC)
REally love that deal and loved the way you worked it for a win-win for everyone and you still made lots of money. Now that is my kind of deal! Now go get that sticker and ride the town!!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
I think you made an important point here is that 'I want to get in and out quickly' which is key.
Selling for a lower price makes it sell fast and makes it very possible to 'get in and out' quicly
I too gives bonuses when deserved-- I also tell 'em up front - if we get in and out b4 xxx date = bonus
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Love this. You make it sound so easy. You are very professional.
Please post all your awesome deals! We love hearing about them.
Regards,
Linda
"...be; not greedy for money....but eager to serve"
1 Peter 5:2
One of my most active rehabber/buyers is a woman! This girl rocks. She does 2 to 3 rehabs a month, runs here own crews and does the designs for her projects. She does not do entry level first time home buyer stuff like most do. She does top end full rehab/remodeling on all of her projects. She consistently gets full price on properties that are listed on the high end of what her realtor tells her the comps are.
She is awesome and every bit as capable as any man. Maybe even more so. Just like you Jen!!!
I am seeing this trend more and more in my area. Tuff, smart and fair. The local REI clubs are close to 50/50. There are lots of women attending around here.
GOOD NEWS!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
what can i say? YOU ROCK! way to handle the deal and yourself. excellent example of what to do. please tell us about more of your deals.
i guess you showed the good ole boys.
you may just have to start your own club.
Linda, Army EOD Mom
you can follow my journal at http://www.deangraziosi.com/real-estate-forums/investing-journals/45351/...
IT'S ALL GOOD AND EVERYTHING IS WORKING OUT PERFECTLY FOR ME!
Fear equals:
False
Evidence
Appearing
Real
It shouldnt matter if we are male or female and I love an under dog so to speak its kind of like "looks" its not so much how beautiful one may be its what we are and what we cant do with our talents thats count and never give up, Jim
jbischoff
Congratulations again! the Flip Girl!
Tom and Jeri
www.TuCasaInvestors.com
www.TuCasaRealtyllc.com
Way to kick it, wow!
Now you gotta borrow the General Lee from those Duke boys and show that REIC who's really the Boss!!
Mark K.
Life Disclaimer: Past Failures are NOT indicative of Future Results.
Real Estate Glossary - Click Here for PDF
View My Everyday Blog - Click Here
thats wonderful that you helped the people get out of a bad situation. great job "FLIP GIRL"
WALT
thanks so much everyone for all the wonderful and encouraging comments! I so love you guys!
YES, GIRLS ROCK!!
lol
big hugs,
jen
Fantastic work. You worked that deal and everyone got more than they originally expected. Win, win, win all around. You are really making it happen.
Joe
Think less, Do more, Get results. - Dean Graziosi
http://www.rcmfunding.com
http://www.StopForeclosureOptions.org
http://www.RichardsCapitalManagement.com
Killer deal and everyone wins! This is what its all about! And.......on to the next!!!!
Ross
Jen you are amazing! Keep it up. I want to hear more stories like this!
Thanks so much for the encouragement!
God bless,
Jen
awwwww....thank you Ryan! You're awesomer! (not sure if a real word, but it is now! lol)
God bless,
Jen