I shared the first Student Deal Highlight a few months ago & it was quite large & unusual — a $140,874 profit. You can read more about it here.
Today I want to share with you another Student Deal Highlight in a typical profit range for deals done by our students.
After doing his first deal, this student said, “I learned in December about what Chris was doing to help pastors and missionaries create income streams for support. Having, myself, been in ministry for 45 years and being of kindred heart to do the same for ministers, I decided to take the course and give it a go. In a little more than 90 days since being introduced to the process, my first deal yielded $13,000 profit.”
Here are the details on his first deal.
Profit
He contracted the property for $95,000 (didn’t have to use his own money or debt), listed it for $105,000 and he sold it for $108,000.
He received a check for the difference — $13,000. Wow!
Marketing Channel
He found this deal by driving around in good neighborhoods and calling distressed properties that might want an investor buyer.
When he would find a house that looked like it needed some work, he would write down the address, and then look up the phone number to call the owner and ask if they’d be interested in a cash offer on their property.
This particular seller wanted to sell quickly for cash, likely due to the condition of the property.
Timeline
The student entered into contract with the seller on March 1st. One week later, he hosted an inspection of the property on March 8th where his prospective buyers could come and look at the property. He received 4 offers after this inspection & went under contract to sell his rights to the property on March 9th. About 2 weeks later, on March 24th, the property closed and he received a check from the Title Company for $13,000.
Cost
The only costs the student had to acquire this property were the gas in his car to drive around looking for distressed houses & the cost to locate the phone number for the properties he wanted to call. He didn’t have to come up with $95,000 to buy the house.
Takeaway
Driving around looking for distressed properties & contacting them is a great way to get started in this business. It is very low cost and can yield a great return!
—
If you’re interested in learning more about how Flip Hacking can help you supplement or replace your ministry income, click here for more details.
