Case Study, Flipping REO’s For Profit! Make $10k For a Few Hours of Work!
Did you know you can make a boat load of money by controlling and flipping bank owned homes for huge profits between $7k and $15k? Just do a couple of these deals a year and you can dramatically change your finances!
We have a recent case study that we’d like to share with you, it actually has a really funny story. You see we normally make our real estate offers in the name of a land trust, and sometimes we have our real estate agent name the land trust. We recently made an offer on a property in Jerome on “F” street. Unknowingly our agent named the land trust “F Idaho Land Trust” (we promise there was nothing intended with malcontent). But we sure had some explaining to do to the closing agent!!!
Anyways this turned out to be a great project for us. The property was REO or “bank owned”, and the bank’s asking price was too high. But they were giving some serious indicators that they were willing to take a big discount (there’s some real signals to look for if you have a trained eye). We made a lowball offer and it got accepted, but we weren’t sure if there was a lot of room to make some quick money; this is when the real work began. We went through the house and wrote up a detailed report on everything that was wrong with the property and we submitted that to the agent representing the bank, who then submitted it to the asset manager. Turns out there was enough information provided that they were willing to significantly reduce what they would accept, and we got a reduction in our purchase price. Our report even convinced the asset manager that they should send out their own inspector, which they did, who confirmed our findings.
At this point many investors would only know to close on the property at the price that was accepted by the bank, because this was an REO property you’re not allowed to assign it. But with the tricks of the trade that we’ve learned we were able to quickly assign the property to another investor who loves to hold property for $10,000. Not bad for a few hours of work and creative thinking.
There’s amazing deals in this market if you know how to spot them and create quick pay days from them. If you’re looking for a deal sign up through our website and we’ll send you an email blast when we have an amazing deal. If you want to know how to creatively make $7k to $15k by controlling property, feel free to call us anytime.
Virgil Horner
Transaction Engineers
“We Make Deals Happen”
Phone: 208-308-0703
Web: http://www.transactionengineers.com
