If you missed the first three, here they are:
$140,874 Profit - Student Deal Highlight
$13,000 Profit - Student Deal Highlight
$26,000 Profit - Student Deal Highlight
Profit
The student in today’s deal highlight made $23,637 on this particular deal (after closing costs). He contracted the property for $92,000 and he sold it for $118,200. He listed the property for $99,000, received 8 offers, and accepted the one for $19,200 above his list price. He didn’t have to come up with $92,000 to buy the property or go into any kind of debt to do this deal. People often assume you need a lot of money or debt to flip houses, but not with a “quick flip.”
List
The student found this deal through a list of Absentee Owners. These are people who own a home but don’t live there. It’s often a rental property. The student described this Absentee Owner as a “tired landlord” who was ready to sell his property to an investor.
Channel
Texting.
The student contacted the seller with a text asking if he’d be interested in selling the property.
Timeline
The student made the first contact with the owner of this particular house on May 6th. He put it under contract on May 28th after about 3 weeks of communicating with the seller. Then he finally closed on the property with the end buyer July 27th.
Cost
His only cost would’ve been the software he uses to help him send texts and the skip tracing required to find the numbers of the sellers he was interested in contacting.
Student Quote
The student said, “I got my first deal after a lot of ups and downs. My word for the year is persistence! I can give some to the Lord, pay myself back, invest in the business, and have some left over. Thanks Chris and Tentmaking Pastors Community!”
Takeaway
Absentee Owners often get tired of managing rental property & start looking for an investor to purchase their property. The reason they might choose an investor is because formerly tenant-occupied properties sometimes are not in the best shape to appeal to the retail market. They will often have deferred maintenance and a lot of clean-up that needs to be done. An investor will take the property as-is, without requiring the seller to perform repairs, and they’re also willing to clean up the mess.
This is a huge benefit for many Absentee Owners in this situation. The seller wanted to work with this student because the student provided speed & convenience in selling his rental property. The seller was willing to sell at a discount to not have the headache of fixing up the home & putting it on the market.
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If you’re interested in learning more about the Flip Hacking Course & Mastermind, click here to learn more & read more testimonials of our students who have had success in this business.
