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$26,000 Profit on a Really QUICK Flip

by Wanda, Simpsonville, SC   

I would like to share a wonderful success story with you. One afternoon while driving in through a mobile home subdivision, I decided to take the flyer from the real estate box on the property. I had noticed this mobile home several times because I had sold three homes in this subdivision and decided to take a closer look at this one.

When I got home, I called an agent that had been soliciting my business for a while. The next day we went to take a look, and the 3bdr/2ba double wide home with land was in move-in condition. I did not have to do a thing. I made an offer for $32,500, which was accepted.

I called a friend of mine when I returned from looking at the property and told her I had found the perfect home for her. So the next day she went to look, and we signed a contract on the property for $70,500. I got an appraisal for the home and it came out to be $71,000.

My friend was able to get 85% financing for a loan amount of $59,950, and I took back a second mortgage for the rest. We did a simultaneous closing (which made this a no money down deal). I left the closing table with over $26,000.

I used to doubt that this "flipping" thing worked. But it does. And needless to say, this is what I do full-time (flip mobile homes). My profits this year have been well over $75,000. I look forward to making at least $200,000 before the year is out. The interest rate is not effecting my market. All my customers want to know is how much down and how much a month. Good luck it does work!

 
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