If you missed the first four, here they are:
$140,874 Profit - Student Deal Highlight
$13,000 Profit - Student Deal Highlight
$26,000 Profit - Student Deal Highlight
$23,637 Profit - Student Deal Highlight
Profit
The student in today’s deal highlight made $50,000 on this particular deal. He put a 5-property package under contract for $390,000. This basically means that one seller had 5 properties he wanted to sell & sold them all to the student as a group. Then the student sold the property package to an investor for $449,000. The student agreed to pay almost $9,000 in back taxes for the seller out of his profit and he also had closing costs to pay. The final amount the student earned was $50,000.
List
The student found this deal by marketing to a “Driving for Dollars” list. Driving for Dollars is a strategy where you drive around hot zip codes where investors regularly purchase properties & you write down the addresses of properties that look like they may need an investor buyer. You find these houses by looking for signs of distress like boarded up windows, deferred maintenance, overgrown yard, etc.
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 January 8th. He was able to put the property package under contract on January 11th. The transaction closed approximately two months later on March 3rd.
Cost
His costs were:
- The software he uses to help him send texts
- The skip tracing required to find the numbers of the sellers he was interested in contacting
- The employee that drove around writing addresses down of distressed properties
These costs added up would be a few thousand dollars.
Student Quote
This is a message the student sent me a few months after this deal closed, “Hey bro! Just calculated our number of deals and we’ve officially closed 40 different properties since starting! So crazy man!!!!”
Takeaway
Driving for Dollars is one of the most cost-effective ways to get started flipping houses. It doesn’t require much money to drive around good neighborhoods looking for properties that need some TLC. Once you find these, you can send them mail, call them, text them, or even knock on their door to see if they’d be interested in an offer. If you do this over & over again, it’s only a matter of time before you find your first deal.
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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.
