VIRTUAL EAST COAST FIX AND FLIP

By Brad Bone  
December 6, 2018

We are about a week away from closing on the sale of our first Florida fix and flip project. This house is a 4 bedroom, 2 bathroom single family residence in a working class neighborhood in Jacksonville, FL. The seller reached out to us and let us know they needed to sell in order to downsize. We agreed on a purchase price of $45,000 and ordered our property inspections. Surprisingly, the house was in very good condition as described by the seller. We went ahead and closed on the deal on July 6, 2018.

 

We decided to try out a new Jacksonville contractor that we had met earlier in the year at a real estate conference in Miami. They priced out the rehab at about $22,000 and we ultimately settled on a revised scope of work for about $16,000. This scope of work involved upgrading finishes such as flooring, paint, and light fixtures where needed but it was not a full complete rehab. The contractor finished in a timely manner and the house was listed on September 21st for $109,900, and we had an offer of $100,000 by September 23rd. We countered and went under contract for $105,000.

 

Once sold, this deal should clear over $30,000 in profit. We never saw the house or met the sellers. Although we had never worked with the Realtor or contractor before, we had met face to face with both of them. We hope this deal is the first of many successful deals with this same team in Jacksonville. It’s amazing what can be done when the right team is put together and clear expectations are communicated.    

Author Bio

Brad co-founded PrimeBuyers along with his twin brother, Justin, in July 2015 with the goal of creating a premier house flipping company that could operate in multiple markets across the country while providing excellent value to sellers, buyers, vendors, and partners. PrimeBuyers flips houses throu See more >>

Brad co-founded PrimeBuyers along with his twin brother, Justin, in July 2015 with the goal of creating a premier house flipping company that could operate in multiple markets across the country while providing excellent value to sellers, buyers, vendors, and partners. PrimeBuyers flips houses throughout California and North-West Indiana and plans to move into new markets in 2018. Brad lives in the Bakersfield, CA area along with his wife Suzanne, and their two young daughters. See less >>

Leave a Reply

Your email address will not be published. Required fields are marked *