In this video… my 2nd student, Jerry Bishop… gets his first check for $2,000 on a recent house flip that he did with Daniel Wiafe the House Flipping Ninja.
The deal made us a total of $4,000… which we split 50/50. I got the property under contract for $28,000 (the comps & fair market values in the area for homes ranged from $75-$90k… and the house needed about $15k in work to it).
I had originally priced the house to sell for $35k… and the cash buyer (in typical fashion)… negotiated the price… and we agreed to sell it for $32,000 and the buyer pays all closing costs.
Jerry brought the buyer… and I brought the seller.
I had the deal locked under contract for ONLY about 7 days… before we got it sold.
The fact of the matter was that this was a GREAT deal… and I would’ve been able to find a buyer and make the $4k all by myself… but often times it is feasible to bring in JV (joint venture) partners… so that you can close your deals a lot faster.
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Peace & God Bless!
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