A Deal on the Brink | my latest house flip in Hanover, Massachusetts
My acquisition manager Bill and I re-read our Facebook post to make sure it made sense. Neither of us are experts when it comes to social media but we're doing our best.
Both Bill and I have pretty expansive networks on Facebook, mostly friends, family and colleagues. I'm always cautious about promoting my house flipping business with friends and family, but in this case I am pretty happy we did, because it led to our latest house flip deal in Hanover, Massachusetts-a deal that would ultimately stretch my negotiation skills to the brink.
I didn't know it at the time but when we clicked "Post" another local real estate investor saw the status update in his news feed. He then messaged us, letting us know that he had a property he wanted to rehab, but was having trouble with financing. Two days later Bill and I had the contract wrapped up from the investor for a $10,000 wholesale fee.
I'm going to reserve the exact Facebook lingo I used to find this deal for HFS members (click here to learn about our posting strategy). Yet to be honest finding this deal through Facebook was just the tip of the iceberg as far as surprises were concerned. I don't think anyone on my house flipping team expected what was about to happen next.
A Deal on the Brink | my latest flip in Hanover, Massachusetts Extended Article
The call went a little something like this:
“Listen, don’t worry about all the stuff – just knock $10,000 off the price of the house, we’ll clean up all of the stuff on our own”
Then there was a long pause before the investor on the other end of the line responded with:
“OK, let me see what I can do”
15 minutes later he called back, agreed to the proposal and I closed on the deal just days later.
The day after the closing, we had a team of high school kids from my marketing specialist John Fossetti's football team in there hauling out two dumpsters full of junk. We filled up two entire dumpsters and $1200 later (including labor), we had a clean house.
An immediate $8,800 profit for us…
House Flipping Update August 11-17
I chose a good week to turn off my cell phone and sit by the pool with my family. The past 7 days here in New England have been gorgeous - especially contrasted to last week when I was driving for deals in the rain. It was a good opportunity for me to "tune out" and let my house flipping team run the show.
Taking a step away can be difficult when you run your own business. Email, text messages and voicemails can be pretty challenging to escape. Even when I do turn the cell phone off, I often feel an urge to turn it back on, just to check for any new messages one last time. This is especially true now that my team and I are on the verge of flipping 3 houses per month.
Despite spending my week at home on a "stay-cation" my business kept on trucking along. We have multiple deals underway right now which I am really excited about. In this post I want to update you on one house in particular that we sold this past week, and another house that is mid-way through renovations.