Complete strangers team up to generate over $22,000 in less than 5 months doesn’t seems super realistic, but that’s what happened with these couples. And the cool part is that I am part of one of the couples, so I can let you in on all the juicy details of the good, bad, and ugly of this house flip.
Where did the flip happen? Loudon, Tennessee
How did those numbers work out?
Source: Facebook group
Purchase Price: $225,000
Reno Cost: 93,681.98
Insurance Cost: $1,453
Other Costs: (Including insurance, utilities, closing costs, etc.): $19,565.29 Number does not include agent fees or 2-1 buy down of $10,000
Sale Price: $395,000
Net Profit: $22,000
How to Find Deals on Facebook
Whatever market you’re in, you should definitely go on there and find every real estate group you can. City real estate, City flippers, City fix, and flip, etc.
Beware of scammers, but you can find some really awesome deals on there. You do have to stay on top of it, though, because these deals will go quickly.
Why Did You Choose to Do This Deal?
This deal came up on my Facebook feed, and I really loved the house. I thought it had a lot of potential, and the person said all of the materials were there, and she basically didn’t have time to finish it because she was a fix and flipper.
However, this turned out to be less than true, and we ended up having to buy $23,000 in materials we didn’t expect… hence the only $22,000 profit. vs. $45,000!
Anyway… we had met Orlando & Carolina Perez virtually through a mastermind, and then myself and my husband Joe met her in person once in Sept at a mastermind. Other than that, we didn’t know each other at all. And before you know it, at the beginning of November, we were in business and flipping a house together.
Carolina and Orlando didn’t even have to come up and see the house, but we worked on it together with them remotely in Florida. They are both super smart and creative individuals, and we are all so glad we took the leap and partnered together. So, basically, we took the flip because it looked like a good opportunity, and we had the team to do it.
What Unexpected Things Happened When You Flipped the House?
Well, you already heard about the lovely material debacle, but besides that, we had a few other things happen that had to be remedied.
- Watermain broke
- Had to fix the heater because it went out randomly
- Windows were super delayed due to Christmas, so we ended up refinishing them vs. replacing
- The yard got wrecked due to the water main, so we had to reseed the whole thing
Yeah, there were a few things that happened that needed to be navigated around.
Thankfully, our good friends were the contractors on the job, and they are very much problem solvers. You can find them online at 1st Class RV Adventures. They camped out at the house and worked so hard to get this house done in a timely manner.
Why Was This Flip Successful?
This flip was successful because we had a good team of problem solvers and because we bought the house low enough that we were able to not eat away all our profits to fix the unexpected messes.
How Much Money Did We Walk Away With?
Each couple walked away with $11,000. That might not seem huge compared to some of these awesome numbers I write about, but this was the first house that we went through from start to finish, and it was also Orlando and Carolina’s first house they flipped (and they were even remote!).
We enjoyed the experience and working together so much that we are partnering on another house together, and I’ll make sure to share those before and afters as well.
How to Contact Us
Orlando Perez , Carolina Perez, Joe Vine, Jessica Vine – Check out all of our Instagrams and follow along with our next flips if you’d like.
