A $28,000 “Power Lunch”

I’m a part-time real estate investor. I frequently read the success stories on CRE Online to gain knowledge and for the motivation it provides to me.

Although I have other rental properties, this month I completed my first flipped house. I acquired a HUD property for $40,000 (10% down) and then put $3,000 into rehab. Note that I’ve been working with a real estate agent who is also a friend of mine. He and I teamed together to assist first-time home buyers.

As soon as I purchased the property, which was a 3-bedroom home in a nice part of town, the agent immediately started to tap into his first time home buyers prospect list. One of his prospects became very interested in the house. This guy wanted to get in to see it as soon as possible.

Once we completed the rehab, which took us approximately one month, the prospective buyer made an offer for our asking price of $69,900. Note that I never put a sign on the property, nor did I put any ad in the paper. I did, however, have to pay one mortgage payment.

I accepted the offer, of course, and the following month we settled. The settlement worked out great for me because I do work a full-time job downtown and the settlement was to be held in the building across the street from my office.

Just prior the settlement, we had a few challenges once the inspection was done, but we both managed to work out the details. I had to upgrade the electric because it was not up to code. So, on my lunch hour, I walked across the street to the attorney’s office and had settlement. Within an hour, we were done. I left the settlement table with a check for $28,000.

This is what I call a “power lunch.” I enjoy my real estate investing business. My goal is to do it full time, but on a larger scale. Stay positive and stay committed.

By CREOnline Contributor

A content contributor to the original CREOnline.com.