I am really proud of my student Ansar for persisting until he found a deal. Here he is at his first fix and flip which netted him $110,000! Ansar is my real estate coaching student in my private real estate mentoring program (one on one with me). This is a perfect fix and flip case study of a fix and flip with a private lender loan (from me) and using borrowed money for material and labor too.
This was Ansar’s first deal ever! I was his private lender (I use my own personal funds with my coaching students). This was a probate deal which took him 6 months to negotiate and close.
He purchased this house for $170,000 and he just sold it for $340,000. His profit on this deal represents two years of his annual salary from his job!
Ask yourself if you have self limiting beliefs that are holding you back. Many of my students do, and we have to work on that (a lot) during our coaching.
How much money you can make is only limited by how much you believe you can make. This might sound hard for you to understand if you work on a job (like Ansar) – but it is true.
Ansar is a shining example of that. This deal took courage, and overcoming fears, and persistence. A huge shoutout and Congratulations to Ansar!! I am so very proud of him. People ask me why I teach. This is why. To make a difference and effectuate change in other people’s lives.
This video was taken on the day of closing right before he headed to the title company to sign his closing documents.
So how did Andar find this house? He posted on Facebook on a buy/sell group that he was an investor looking for a house that was a fixer upper for sale by owner that needed work. He received no response to his post for almost two months. Then someone commented that their husbands grandmother had passed away and that they were looking to sell the house for cash. And so the negotiations began.
That took Ansar 6 months. Until all of the heirs could agree on the price. They had another offer but they had been talking to Ansar so much from the get go that they told him he just needed to match the other offer (which he did). So Ansar purchased this house, spent $57,000 renovating it and relisted it. The net result is a $110,000 profit.
The best part is that Ansar borrowed the money to pay the contractor for the fix and flip from a home equity line of credit on his primary residence at just 2.75%. Ask yourself if you have equity in your house that you could be tapping into like this. And he borrowed the money for the materials using a Home Depot Credit card and a Loews business line of credit. So between me lending him $145,000 and him using his credit line and Home Depot/Loews cards he basically borrowed all of the money for this fix and flip. And the net result is a $110,000 profit (two years of his salary).
You could be fixing and flipping houses like this too!
Ansar will be at our next Fixing & Flipping Houses Boot Camp! If you want to attend call our office at (561) 948-2127