Flipping Houses is Simple: My First Deal

Monica Williamson
Dayton, Ohio

I wanted to share my first deal with you to keep you encouraged. I have read the CRE Online Success Stories, read books, and attended meetings and seminars. The techniques that you read about on this web site and others work if YOU work them.

I am a member of the Greater Dayton Real Estate Investors Association. After one meeting with the women's group, I was approached by a member about wholesaling a property she had. I almost panicked at the thought, but took the address and drove by to check out the property.

The house already had a renter and appeared to be in good condition. All she wanted was $14,000.00, so whatever I added to it would be mine. I found out that the deed had not reached their IRA account yet, but was in route.

I didn't know how to handle this at first. But I quickly called a real estate lawyer through my Prepaid Legal and a friend that does lease options regularly to see what my next step should be. My friend suggested that I put the house under option. I found a contract, typed it up, set a meeting, and offered the sellers $10 for the option contract, to which they agreed.

That was on a Thursday. I posted the property on the Internet on about seven "We Buy Houses" web sites and received a call the following Tuesday with a buyer. To make a long story short, my buyer agreed to buy my option for $5,000. The paper work finally reached it's destination, and we are closing tomorrow.

I don't know about you, but I have never experienced a way to make money so easily. I thank God that He gave me courage not to chicken out. This deal was truly a win/win/win situation. I made $5,000, the seller made $14,000, and the buyer had an instant $25,000 in equity and possibly more after repairs.

I finally had to ask myself: "How bad do you want it?" and then took steps to make things happen.