A Positive Surprise when Flipping Houses

InvestFourMore Real-Time Stats (as of 7/16/18)
17 flips currently in progress. 155 flips completed. 19 rentals properties.
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I try to be a positive person, but sometimes I feel like I post a lot of negative things on YouTube or Facebook. I have been very fortunate and can’t complain about where I am in life, and I try to post bad things that happen to teach others. If I can show the mistakes I make or circumstances that are out of my control, it may help others avoid the same situations. By doing, this some people are turned off by investing because they see all the things that can go wrong. However, there is much more than can and does go right! After all, I just bought a 1981, Aston Martin, thanks to real estate that goes along nicely with my other cars. I also wanted to share a positive thing that happened on a flip I just bought.

How did I buy this recent fix and flip?

A lot of people say you cannot get good deals from the MLS, but I bought his house from the MLS. I am in Colorado, which is one of the most competitive markets in the nation with very few listings. There are still deals on the MLS, and being a real estate agent helps me get those deals. I saw this house come up for sale for $149,900 on a Friday. I was in the office, and as soon as I saw it come on the market, I text the listing agent for the lockbox code. The house was empty, and I went to see it immediately. After seeing the house, I decided to make a full-price offer on it. The house was not in terrible shape and should be worth over $220,000 after we fix it up. The biggest concern was the roof was in terrible condition.

I made the offer and sent it to the listing agent, who was also the owner. I knew the agent/owner as they are real estate investors as well. We had some disagreements in the past, but we had made up a few years ago. I like to keep in good graces with as many people as possible since you never know when you have to do business with them. A few hours after submitting the offer, the agent/owner texted me and said they had another offer at $155,000, and if I matched that price, I could have the house. I agreed, and we were under contract to close in 2 weeks.

How to get a great deal from the MLS.

What was the big positive surprise when buying this flip?

I have been trying to create some more in-depth house flipping videos on my YouTube page. I go through the whole process of the flip instead of just posting before and after videos. You can see one of those videos below:

I was stopping by the flip I was buying to check on it and do a quick video I could include in a longer, more in-depth video. I pulled up to the house, and a new roof was being put on! I could not believe it. I checked my email to make sure I was buying the right house. Yes, that was the right house, but I did not know why a new roof was being put on. I was closing in a few days, and I did not say a word about the roof to the seller. At closing, I mentioned I didn’t realize a new roof was being added to the house (the house also got painted). He said, “oh yeah we had it in the listing comments.” I looked in all the comments and did not remember seeing the remarks about a new roof, but I was not going to complain. I had just bought a house that needed much fewer repairs than anticipated. Sometimes, positive things do happen in this business! You can see a video of the flip below:

Conclusion

I have had rental properties trashed by tenants, bad contractors, and many other issues investing in real estate. However, the good has far outweighed the bad. While I may not post every feel-good story, there is a lot of positive that goes on, and a lot of exciting things as well. You can see the numbers on all my flips here. Fix and flip scoreboard.

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6 Comments

  1. Tu Nguyen May 17, 2018
    • Mark Ferguson May 18, 2018
  2. Jose May 7, 2018
    • Mark Ferguson May 8, 2018
  3. Steve May 7, 2018
    • Mark Ferguson May 8, 2018

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