Important Note! At the time of editing this video, we had a higher offer locked in, but the deal fell apart and the project ended up being dragged out into a down market where we entered a BREAK-EVEN position selling at 430K. The number 1 rule when flipping houses is not to get stuck, so even in a down market, if you can move your funds onto a more profitable ventures, that is always the better move.
Yup, break even position. Original deal ended up falling apart and we had to hold. But, better to move onto another venture than sit there with your money stuck.
Important Note!
At the time of editing this video, we had a higher offer locked in, but the deal fell apart and the project ended up being dragged out into a down market where we entered a BREAK-EVEN position selling at 430K. The number 1 rule when flipping houses is not to get stuck, so even in a down market, if you can move your funds onto a more profitable ventures, that is always the better move.
Good thing he got his brother to do the GC. Else it might have cost way more
This one sold for $430k so not a lot of profit but I hope they got great learning out of this project.
Yes, if the first offer was taken, a healthy margin would have been made.
I just checked this property info on my system and i see that it got sold on 13th NOV for $430k, so basically they made nothing on this property.
Yup, break even position. Original deal ended up falling apart and we had to hold. But, better to move onto another venture than sit there with your money stuck.