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About this iReport
- Posted November 12, 2012 by
- jimmyduran Follow
Location
Philadelphia, Pennsylvania
Philadelphia, Pennsylvania
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Flipping for Feedom
I moved to Philadelphia from NYC to become free of the rat race by flipping single family homes. My first flip made me 9,000 dollars and it took 90 days from purchase to resell. Today; we average 36,000 dollars and the turn around is 90 from purchase to resell/rent.
You can buy a house in Philly for less than $24,000, put $35,000 into it and resell it for $100,000 or rent it for $950.00 per month and profit 45% of that.
The idea is to build a team, understand how to deal with contractors and establish a relationship with sources of capital; such as commercial banks.
I am onto my 14th property and all with the same money I started with. I get all of my money back from the bank once the property is repaired (or stabilized) as my banker would put it.
Real outline/proven to work:
1. Locate a property in an area that is stable
2. Work your numbers where as the resell price and the rents determine your offer, restoration budget and timelines.
3. Apply for corporate financing and get all of your money back.
4. Go out there and do it again.
The average net profit from the rent is $500. If you implement this strategy and invest in just 4 properties a year at the very least; you will be making $10,000 per month within 5 years.
You can buy a house in Philly for less than $24,000, put $35,000 into it and resell it for $100,000 or rent it for $950.00 per month and profit 45% of that.
The idea is to build a team, understand how to deal with contractors and establish a relationship with sources of capital; such as commercial banks.
I am onto my 14th property and all with the same money I started with. I get all of my money back from the bank once the property is repaired (or stabilized) as my banker would put it.
Real outline/proven to work:
1. Locate a property in an area that is stable
2. Work your numbers where as the resell price and the rents determine your offer, restoration budget and timelines.
3. Apply for corporate financing and get all of your money back.
4. Go out there and do it again.
The average net profit from the rent is $500. If you implement this strategy and invest in just 4 properties a year at the very least; you will be making $10,000 per month within 5 years.
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