Chad started wholesaling about 2 years ago off and on from my regular job.
Chad still has my fulltime job so he has been wholesaling on the side. He sends letters out to people who owe taxes and came across this property that was cheap enough at $23,000 that he thought, “I could get this and flip”. But decided to just buy and flip no fixing up because of the situation with the owner. So he found a guy willing to buy for $38,000 which would give him around $15,000. Gives Chad a non-refundable $1,000 earnest money and guess what? The guy doesn’t show up for closing! Calls him, text him, emails him, nothing.
So Chad decided that he is just going to fix it up himself and now has an extra $1,000. So now he is almost finished with the renovation and has already has a buyer lined up who is willing to buy at $75,000 after it’s ready. Spent around $8,000 doing most of the repairs himself except a new roof and deck. So he could make 40 to $45,000.
Chad is hoping to make $40,000 on his first fix and flip.
Chad asked us questions and we lead him well on his way to making $40,000 to $50,000 on his first property.
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