Flipping Houses is Simple: My First Deal

I wanted to share my first deal with you to keep you encouraged. I have read the CRE Online Success Stories, read books, and attended meetings and seminars. The techniques that you read about on this website and others work if YOU work them.

I am a member of the Greater Dayton Real Estate Investors Association. After one meeting with the women’s group, I was approached by a member about wholesaling a property she had. I almost panicked at the thought, but took the address and drove by to check out the property.

The house already had a renter and appeared to be in good condition. All she wanted was $14,000, so whatever I added to it would be mine. I found out that the deed had not reached their IRA account yet, but was in route.

I didn’t know how to handle this at first. But I quickly called a real estate lawyer through my Prepaid Legal and a friend who does lease optionsregularly to see what my next step should be. My friend suggested that I put the house under option. I found a contract, typed it up, set a meeting, and offered the sellers $10 for the option contract, to which they agreed.

That was on a Thursday. I posted the property on the Internet on about seven “We Buy Houses” websites and received a call the following Tuesday with a buyer. To make a long story short, my buyer agreed to buy my option for $5,000. The paper work finally reached it’s destination, and we are closing tomorrow.

I don’t know about you, but I have never experienced a way to make money so easily. I thank God that He gave me courage not to chicken out. This deal was truly a win/win/win situation. I made $5,000, the seller made $14,000, and the buyer had an instant $25,000 in equity and possibly more after repairs. I finally had to ask myself: “How bad do you want it?” and then took steps to make things happen.

By CREOnline Contributor

A content contributor to the original CREOnline.com.