This post is very meaningful to me, because this was my first fix and flip project I have ever done and it was quite the adventure. This was one of the greatest experiences in my investing career and I couldn’t be more thankful!
Below I will show you the before video and the walk through of my team and I going through the property before we did any work on it.
So this was a seller that had call me off of one of my marketing channels. This guy was in the following situations:
- Trying to save his credit
This guy was so motivated that as a matter of fact, the minute he called me. He had told me he was already moved out of the house and moved into a new apartment. He told me the house was mind and that was that!
How I bought the deal:
This was a really unique situation, because the sellers bank was Wells Fargo. What my team and I did was called up the bank and worked out a deal where we could take over the payments and just switch the names on the property!
The bank happily accepted and within 2 weeks we closed on this house. It was a great deal for everyone because of the following things:
- The seller got out of a sticky situation
- The bank now has continued payments
- We got the deal!
So below is the after video of what the property looked like after we fixed it up!
What was cool about this property is…it didn’t need that much work and the rehab only took about 1 week to complete.
I learned so much about this deal, not only was it my first fix and flip project. But it enabled me to look back and see how far I truly had come from starting out wholesaling a bunch of properties to now.
Not only was I able to buy a home at a great discount and make money off of it. But I also achieved the following:
- Made more connections
- Learned a new way of doing business
- Saved a home owner from foreclosure
- Saved the bank a problem, by taking over the payments!
All in all, this was a very good experience for me!