In this video I show you my latest fix and flip house that I just purchased in Vero Beach, Florida. This is an example of a fix and flip with real estate in Florida (which is a very competitive market). There are many parts of the country where you can find deals way easier than this and at way lower prices too. The reason I say this is because I hear too many beginners saying “oh that wouldn’t work where I live”. You name me a market and I will show you a wholesaler making 7 figures in that market (including yours). So this is just an Florida example but remember that you can do this anywhere and I have students all over the country that are wholesaling and flipping houses like this.
I purchased this house for $86,000 and I plan on reselling it for around $154,900. My repairs should be around $20,000 and I should be able to net $30,000 from this fix and flip after accounting for fees, interest, commissions and holding costs.
What is amazing about this house, is that anyone (including you) could have bid on this house. It was listed for sale on HUD’s website HUD Homestore and ANYONE could have bid on this house. The winning bid was $83,000 which is only 53% of the After Repair Value of $154,900. The wholesaler that bid on this house and won the bid, wholesaled it to me for a few thousand dollars of profit. What is incredible is that on this same street there are comparable sales for $155,000 to $165,000 so this is about as close to a slam dunk as you can get for a fix and flip. But yet people ask me every day “Lex how do you find deals?”. In this case, by simply bidding on a free website you could have found this deal.
There are a lot of lessons to be learned in this video:
1. You can find great deals at incredible prices
2. You just need to be looking in the right places
3. You can wholesale these houses to investors
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