From closing to closing: $615,000 cash out of pocket $875,000 net at sale closing ($930,000 sales price) 70 days total from cash to cash.
Lessons: Our cash on cash would have been tremendously higher if we used leverage, even 3/10 hard money, but my investor wasn't interested and he had the cash. Agents can make a lot of money for very little work, but they can make or break your deal. I had interviewed three other agents who wanted to list the property for $100,000 less. I chose one that was most aggressive and sensible in his pricing and approach to position the property to potential buyers. He found a buyer within 2 days of listing it and helped negotiate him to within a couple points of our listing price. I paid my investor a 10% return on their money, then 50/50. This is annualized but I was "large" and did not calculate annualized. The rest of the year we will be splitting all profits 50/50. I earned $100,000 within 70 days, using other people's money, and I spent MAYBE 10 hours on the deal.
Most importantly, focus on adding value. I presented myself as an opportunity to a seller who was highly motivated, who needed to unload of this property in haste, then I was able to patiently find a buyer.
Keep your eyes open, money is out there!
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