A real estate agent helped me find an REO property. I put offers on eight different homes, and finally landed one. I am currently working through a mortgage broker to get hard money to fund my first deal. This hard money lender is offering 75% of the ARV, which is higher than most hard money lenders. My closing is set for May 25, 2010. The purchase price is $74K, and I plan to spend $20K in repairs. The property should sell for $130K according to the comparables, which would give me a profit of $35K! I have a contractor who is going to give me estimates today on the repairs. The rehab will take about 4-5 weeks to get done, and it should sell within three months. I’m looking at another property today where the owner passed away, and the family is feuding over the home! Hopefully, I’ll be able to resolve some family issues with this venture.
The Armando Flip and Grow Rich Program helped me build my confidence to be successful. It was encouraging to attend the classes where I gained sound knowledge to renovate properties in the quickest, most effective way. I would absolutely recommend this program to others who want to learn how to turn properties for a real profit!
-Anthony in WA
