(Keep in mind these are examples of people who have completed the process of flipping a house. Most people who purchase our product do not complete the process and therefore do not profit from the results.)
“Made $34,000 on my first flip…”
I am Carol Winter and I want to tell you about my
first property success story.
I looked at a little 2 possibly 3 bedroom, 2 full
bath, finished basement and detached over sized
one car garage house in north Denver in December when it was for sale.
Went to look at it and
thought it would be a great starter house.
The next thing I knew, the realtor called me and
told me it was going up for auction.
I went online looked for the property and awaited
the bidding war.
I bid, and on a Saturday, I won the property. It
sold for $82,250 with $4,600 earnest monies to be
I was elated.
On Monday 12/23 I went to see the property. That
was when I saw the house “Really” for the first
I was able to find a lender (before really making
the decision to put in my bid). During the time I
was getting my Team in place the lender
misrepresented himself, changing the numbers from
the 14% and 4 points to 16% and 6 points. I fired
the man on the spot.
Thank goodness I had another lender who offered me
better terms and I was able to come to the table
with half the funds the other Co told me I would
I found my General Contractor, who has years of
experience and I have a friend who is offering up
his time and expertise in plumbing and electrical
for a possible partnership.
I did a $39k fix and my plan was to sell it
for as close to $200k as I could.
There were many little things that needed to be
done to finalize, but I was able to get it on the
I had a few perspective buyers come through it
during the fix up phase.
I have learned a lot from this first flip, like,
not to buy the first one you look at with out Due
I had to fire the contractor before the fix was
complete due to his incompetence. I had to find
others to complete the job.
I learned a few important lessons, if you can’t
see the bottom of the contractors floor of his
vehicle, you shouldn’t hire him and to not be so
nice to the subs. In the end it will pay.
Anyway, there was a young family who walked
through and fell in love with the house. She put a
contract on it that day. The house was not listed
so I got lucky.
The bid was for $190,500, she was already
qualified and put her earnest money in the next
day. Closing was held a month later.
I was able to make $34k on my first flip.
I am looking for another property and hope to make
as much or more.
I am sending you the final pics by email.
Hoping for a new adventure.
– Carol Winter
Property Purchase Price: $48,000
Rehab Costs: $3,000
Sale Date: 4/2/2014
Sale Price: $96,000
Net Profit: $45,000
Property Purchase Price: $53,000
Purchase Date: 7/1/2014
Rehab Costs: $5,700
Annual Rental Income: $14,400
Gross Annual Yield on Investment: 24.5%