Posted by Pat on June 19, 2006 at 20:40:09:
Back in 1992,after we had been trying to get into this business for about a year, we found a property that we felt could be flipped. it was an estate sale; 2 houses on 1 lot. We ran the numbers and ran it by our coach to confirm it would work. We put it under contract and immediately advertised for a buyer. We found one and got him financed through a state housing program. When the broker figured out what was going on he stopped communicating with his seller hoping the contract would expire and he could grab our buyer and get the higher price. However we contacted the seller ourselves to inform him about where we were in the process. He informed us that the broker hadn’t cantacted him in weeks and if we hadn’t called him he would have pulled the plug. He agreed to an extension and we closed a few days later. We netted $9600. Within 6 weeks of that one we flipped 2 more for a total of $22,000. From that point on we knew that the sky was the limit and we’ve continued with our business constantly evolving but always rewarding!