Flipped My Flip!

Flipped My Flip!

Just signed contract today on my flip house here in Jersey! Bought it at the end of May, will close beginning of November. Details on the whole deal are in my journal, but heres the final numbers:

Sales Price - 238,000.00
Less Commission - 10,115.00
Less Purchase Price - 130,000.00
Less Rehab - 61,187.41
Less Holding Costs - 8707.98
Less Atty & Realty Transfer at Closing-2300.00
My Profit for 6 months - 25,689.61!

Sweeeeeeeeeeet Smiling


Amazing!

Hi Laura,
You really FLIPPED this time. Wow! Go Laura, Go!!!!! Continued success always to you......Lubertha

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Laura,

Congratulations on a great flip, way to go! This sounds like it was a great deal for you. Thanks for sharing with us. Continued success and good luck on your future deals! Believe and Achieve! Smiling - Joe

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awesome!

Great job! Thats a sweet deal!

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Laura,

Congratulations! Good going. I wish you many more great deals!

Lea
SPR Property Solutions, LLC


Yay, Laura!!

Good job, friend! That wait wasn't so bad. lol. I know you've been chomping at the bit for your next one. Well, there ya go! Smiling With $25K more to work with! Yahoo!!

Rina

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AL RIGHT

that's the way to do it! good to hear it. keep on going.


Thanks All

It is such a great feeling to be able to share my success on this site with all of you who have helped and supported and mentored me since I first came to this sight! All of you have been an inspiration to me. Lubertha and Joe you guys are tearing it up now and I'm so excited and happy for you! Rick - you are on the road to success and I know how you feel starting out..but look at me. Single older woman with no real estate knowledge other than Deans books and I'm making it happen! So study, be smart and then take action! Matt - hey! So nice to see you - its been a while! Your knowledge and input has always been of immeasurable help to me and your incredible success keeps me motivated. Rina, my dear friend Smiling Its impossible to describe how much I value all your support and mentoring. Partnering our long distance assignment deal together was such an exciting and scary decision at the same time. Your support throughout helped me talk out and move past my fears and I am so grateful! Our friendship is priceless to me! There is no doubt that even after my first success, I often wonder if I would have continued had it not been for this site. Its crazy, but even when you know something can work, without having a support group (which we are lucky - we have a support FAMILY) to keep you motivated its so easy to slip back into 'regular' old routines. But every time I feel worn out and too tired to put in the extra hours on real estate I come here and it all comes back into focus and I'm rejuvenated! All that being said, its time for me to start searching for my next deal Smiling
Love to all,
Laura


Good Job Laura

Sometimes the hard work does pay off, doesn't it. Sometimes we feel like we want to quit but sticking in there is so worth the end result.
Good job on your flip. Just think, there is someone else out there that will enjoy your hard work- in their "new" place.

Good job
Carpe Diem :0)

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Thanks Stacey

Yes, with all the ups and downs of real estate when it works it makes it all worth it. And you're right - aside from a tidy profit is knowing that I've fixed up an old house into a quality home that I'm proud to sell. The new owner is a single guy, first time homebuyer and is absolutely thrilled with the place. Its his dream come true - and even with my profit I've sold it at a price under market value making the deal possible for all of us. Like Dean says - win/win is the way to go! And its interesting, but even tho this was only my second flip - realtors remembered my first one, complimented me and said they were confident to show their clients knowing the quality of our work. So thats really cool. Building a rep in town - who would have ever dreamed it Smiling


Hmmm-possible other contract?

My realtor just called me to say there is great interest in the home by another couple. Since I am still in attorney review she said she told them to send their highest and best. My current buyer is prequalified and going for a quick closing, so I'm thinking the offer and terms would have to be killer for me to switch it up.


Congrats!

Hey Laura,

Congratulations on your deal! I hope to be in your shoes pretty soon! Smiling

Vincent

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"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53


Wonderful, Laura!

How great! That is a sweet profit for six months of time. And how interesting that you had another interested party after you already had an offer. That's a nice cherry on the top to be in a possible multiple offer situation. I'm heading over to your journal now to see if I can find out what happend with the two offer situation, but wanted to wish you the best here first.

Nancy

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WOW...Very nice profit...I

WOW...Very nice profit...I would not mind that at all...I could def get used to something like that...congrats for this, and it gets me excited...jeez...25,000 for 6 months...some people don't even make that a year!!!

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WOW!

WAY 2 GO!!! CONGRADS ON YOUR FLIP! AND MANY, MANY MORE!

GOD BLESS,
SERENA


GREAT JOB!!!

You did a very nice job!! great profit for only 6 months!! cant wait to do my first deal! Smiling great job once again!

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Ahh snap

she's done it again! Congratulations Laura, job well done! Now get out there and go get next one.

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In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.


Wow..Great Job

Congrats Laura, amazing profit,

just curious where in NJ was the house sold?


My Dear Laura

Another one of your many deals. You never seem to amaze me, Laura. Congratulations on flipping straight to the bank. I am really proud of you. God Bless.

Sandra

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great job laura!!!

wow laura !!! so awesome to hear!! no more waiting,no more holding costs,what a feeling i am sure.congratulations on a job well done.i know you are itching for that next deal.very exciting for all of us to hear you nailed it!!!!keep the momentum going you cant be stopped!!
jay

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Wow -

Thanks everyone for all the positive comments and congrats! It is a very exciting feeling to complete a deal! The second offer I mentioned will be a back up. The terms were not as good as my current deal even tho the offer was a little more money. Still in attorney review - should be out by Friday and moving forward to inspections/appraisals. To answer the location question by roman2500 - the house is in Belford. And yes - my profit on this house is more than many people - including me Smiling - make in a year. So I couldnt be happier and consider myself very blessed! Even with 15% for capital gains its just amazing. I am getting closer and closer to being debt free too which is a really good feeling. So thanks again for everyones support and know that all of you have played a part in inspiring to me my goals Smiling


good job Laura!

Hey Laura it Vaughn. Yes I'm alive! I gotta talk to you more about this one! Soooo glad to see you making moves! I knew you were on your way to success! God bless

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Vaughn!!!!!

My long lost pal - how in the heck are you??? Geez I've thought about you so often! What have you been up to my friend?


CONGRATS

FIRST THINGS FIRST CONGRATS ON YOUR DEAL, I FELT COMPELLED TO ASK FOR ANY ADVICE YOU MAY HAVE TO OFFER TO A NEWBIE IN (CENTRAL)JERSEY AFTER SEEING YOUR DEAL WAS DONE IIN JERSEY. I AM GOING TO START OFF WHOLESALEING AND ASSIGNMENTS ... ANYTHING WOULD HELP.
THANKS
AND AGAIN CONGRATS ON YOUR DEAL AND WISH YOU MANY MORE.


Wanted to find out ur step by step process

Hi Laura, how did u find the property? Whay type of financing did u use? Can u please let me know the process u went through?


Laura

Congratulation on flipping your flip. I still haven't sold mine yet, but it's been rented out for cash flow for the time being. My plan A was to flip it, but so far has had any offers. I've had a lot of people looked at it and like it, but a lot of people don't have the money, and some have poor credit history which prevented them from getting a mortgage. The plan B was getting re-finance at 70% and cash out, but i've decided to skip Plan B and moved on to Plan C which is renting for cash flow. So, currently i'm getting $275.00 per month cash flow for the time being until it's sold. I just wanted to stop by to say hello and congratulate you on your flip.

Lloyd


Great Job

Congrats Laura we are so proud of you. Keep pushing forward to more great deals aren't we lucky to be surrounded by so many positive forces.
Donna


Great News !

Laura , that is wonderful news to hear... I am very glad for you . It will also serve as an inspiration to everyone here at DG.com .

Randy


Thanks All

Appreciate everyones support & comments! To answer questions:
Daynah - all the details of all my deals are in my journal...so you can check that out, and if you still have questions let me know!
Lloyd - funny - your plan was to flip and you're renting - and my hope was to rent and not flip Smiling Either way all your plans work and a cash flowing property is never a bad thing! And, in the long run your value will only increase with time - so congrats to you on finishing the property and making it work for you!
Donna & Randy - appreciate your support and I'm happy and honored to serve as an inspiration on this site!


That is AWESOME!

Laura I am soooo excited for you. Congrats!

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Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10

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To your success,
Carol Stinson


Nice Job

Congrats! I hope you do many more real soon! It is so helpful to hear thngs like this.

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