17d • General discussion
🚨BIG WIN — I Just Bought a Flip House in Sarasota!
I just closed, rehabbed, and listed my next flip in Sarasota in… 3 days. Yep, you read that right.
This was an auction property I had been following on Auction.com for months. Nobody was bidding on it at auction, but the listing agent kept telling me there was a ton of interest. The “auction” label was actually scaring most buyers away… which to me just screamed opportunity.
So, after months of back-and-forth with the bank — them trying to cover their foreclosure expenses and me holding strong for a deal — they finally dropped their reserve to line up with my max bid. We locked it in. 🔑
Here are a few key lessons I took away from this one:
1️⃣ Pending ≠ Sold.This property went “pending” twice before falling out and going back to auction. Don’t assume a pending status means you’ve missed the deal.
2️⃣ “Cash Only” ≠ Cash Only. A lot of auction properties are listed this way, but that doesn’t mean you can’t use financing. I picked this one up using a DSCR loan (you can also use fix & flip loans).
3️⃣ Flips Don’t Always Mean Gut Jobs.This property was practically turnkey. All I did was change the locks, clean it, add a little paint, and swap out a bathroom vanity — and it was ready to list. Nearly a six-figure profit without swinging a hammer.
👉 Should we break down the numbers together in a live lesson?
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🚨BIG WIN — I Just Bought a Flip House in Sarasota!
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