So my husband worked as an executive for years and we had decided that after he retired, we were going to flip houses together. He passed away suddenly on vacation in Mexico in November of 2018, and it changed my whole world. I didn’t have a lot of confidence to do this on my own, and I wasn’t great with numbers.
I saw Tresa’s course pop up on Facebook one day and for $17…well, why not? So I took it, and it has changed my life.
So, the first deal I made was a long-term rental that I had bought at 70%. So I made the rent at $1,250 a month. I paid $92,000 with closing costs, so it should be completely paid for in about seven or eight years.
And then the second deal was a private money loan to buy a place as a long-term rental, but the numbers didn’t make sense for me to do so.
Paula, the girl that was going to wholesale it to me, decided to buy it, and I financed it. So I’m making money financing it, and she’s got a long-term rental.
I partnered on six deals with other women in The Women’s Real Estate Investors Network. Everyone is so supportive. That’s what I like about this group. Even if you’re not making a deal, you’re cheering somebody on. It’s so encouraging.
I am so excited about the army of women that we are raising up to go out there and to be successful. Everybody is cheering each other on, helping one another.
Now, about the first flip. It was a small three bedroom, two bath, 1,150 square foot home. We bought it for about $25,000 and put $40,000 in it. So we aren’t going to make a lot of money when we sell it. We had a lot of issues with contractors and things, but it’s been a huge learning curve and at that price it’s not that important.
We’re still making money. We’re making money and getting a ton of wealth through knowledge.
We’ll make about $12,000 each, and that’s not bad.
It’s a historical house sized at 2,600 square feet. We bought it for $110,000 and figured we’d put about $60,000 into it and sell it for 250 ARV. We found out, after we bought it, that the house behind us, which is smaller, sold for $400,000. So we’ve upped our budget a little bit to do a few nicer finishes and we are looking at a profit of about $170,100 on only our second flip.
And now I’m about to start a third one third land. It was $500,000, and the ARV is 905. And we’ll put about $250,000 into it. So we’ll make a good profit on that, too.
Anybody can do it. If I can do it, anyone can do it. I am 59 years old. Look, I mean, we’re never too old. We can do this, you can do this. You really can.
And you know what? I always thought that starting in real estate, and investing for no money was a crock. I was like, there is no way you can buy houses and not put any money into them. You can because I financed deals like that for women in our group, and so it is satisfying to do that too.