Let me share one of my stories.  I had an opportunity a few years back to pick up a really cool place in a great location.  When I walked through the property it needed a ton of work.  The good news was there were no serious issues like structural damage, mold, termites, etc.  

In this business, you have to be able to envision the property transformation and how it can change from a dive to super flip or equity property!    

So, I began by doing a thorough inspection of the property, documenting all the issues, and asking the realtor the right questions.  I was able to determine what my out-of-pocket expense would be to transform this property into a truly exceptional looking new dwelling.   Once I new the numbers, it was easy to get the appropriate comps, summarize the expenses, evaluate loan options and costs, determine mortgage payments, and most importantly understand my Estimated Return on the Property before Taxes!  Now, I evaluated whether the estimated return was worth my time and effort to take on this project.  

Good News!  The numbers worked out well and I decided to purchase this property and got a great deal.  I was able to buy it well below market value and was excited about taking on this new flipping house project.   

Once settlement was complete, I began working immediately on my project plan and documenting all the tasks that needed to be done for this project.  Here is part of the removal list:   

• Remove carpet throughout property  
• Remove kitchen sink  
• Remove bathroom sink and toilet  
• Remove all kitchen cabinet and refinish them  
• Strip wallpaper  
• Remove damaged doors  
• Determine what to do with the miniature tile floor in bathroom  
• And much much more…..  

• Purchase new padding and carpeting for installation.  
• Purchase Sandy (neutral) paint for walls.  
• Purchase Painter White (gloss) for trim.  
• Purchase Wood Flooring Materials.  
• Purchase new sinks for kitchen and batch  
• Purchase new toilet  
• Purchase new doors  
• Purchase new lighting fixtures throughout  
• And much much more…..  

I won’t bore you with all the details, but I was able to complete the project in 5 weeks.   I was so impressed with the transformation that I decided to hang onto for awhile with the hope of giving it to my son one day.  Therefore, I decided instead of flipping it immediately.  I would rent it out for a few years and then reevaluate.  

Well, I was able to find a super tenant within 3 weeks by advertising in our local newspaper.  The person was a retired gentlemen and his credit information checked out fine, so we signed the lease agreement.  He stayed in our property for 2 years until becoming sick and having to move back in with relatives.  

During the 2 years, the property value had approximately doubled, so I evaluated my options and elected to sell the property for a very nice profit.   The reason I decided to share this success story is because the money received from the profit in this property helped me to launch the FixtoFlip.com community!  I new the tools that were used by me could help anyone, so I began laying out how FixtoFlip.com could help anyone new coming into the business!  

After over year of designing, documenting, testing, and just hard work, I was proud to launch FixtoFlip.com.  I know this sounds much simpler then it truly was for lack of time in sharing all the blood, sweet, and hard work that went into this passion for the new business.  My hope is that each of you sees the value in utilizing the FixtoFlip.com community to learn, grow, and profit from doing this business.   

I hope you enjoyed my story.   If you would like to share your success story, please contact us at info@fixtoflip.com and we would be glad to publish your story in our next Newsletter.