The NINJA closed on his 2nd house flipping deal (Washington Ave in Sand Springs, OK) on January 27, 2012. Below are the details on this property:
- Got the house under contract for $10,000 on January 2, 2012. House needs about $8-$10k in repairs. Lowest house in that area sold for $35k. Other current comparable houses were selling for $40k+ in that area.
- Owner had initially bought the house for his daughter 10 years ago for $15k. She moved to a bigger house… and the house was vacant for 5 years.
- The house had been vandalized on the inside.
- I marketed the property for $19,500 using (a) yellow letters to recent cash buyers, (b) Craigslist & (c) bandit signs placed in Sand Springs. I got a significant response from all 3 sources.
- The buyer of the house called off of a bandit sign I placed by the high school.
- We agreed that he would purchase the house for $15,000 + I pay for half of the closing costs (approx. $675)
- I had to reimburse the seller $500… because one of the people who went through his house using the lockbox… stole some of his stuff.
- TOTAL PROFIT: A little under $3,900. Took 3 weeks for me to flip from start to finish.
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