My wonderful friend Candy and I are partnering on this deal! Another Rich Woman partnership…that’s 2 in the same week!

Can you believe this Diamond in the rough has FIVE bedrooms and TWO full bathrooms? It looks so small and cute from the outside, you’d never guess by just passing by…

It’s like jabbing a hot fire poker in my side when I see a Realtor trying to play an Investors role when they don’t have a clue! Arrgh!

For example, I found a property that has 4 bedrooms, 2 baths, and a 1 car garage with 1666 sqft in the Pikes Peak Park area of Colorado Springs. Because of the neighborhood, a seasoned investor would know that the house will only afford 120k – 130k tops no matter what time of year.

Don’t get me wrong, I don’t mind other people making money with Real Estate, there are plenty of houses out there. My beef with this deal is that the Realtor playing Investor paid 10k too much for the house, spent a minimum of 20k to fix the place up, and is now asking 10k too much for the property. It’s listed at 139k when they should know that they will only get 130k TOPS! I almost feel bad for the person (ALMOST), but it burns my butt that the Realtor works with the listing company and they so happen to outbid all the other investors AND will only end up breaking even AT BEST!

Realtors: Do your job and be a Realtor.
Investors: Do your job and be an Investor.
Don’t mix and match, it just messes up the comps and makes us mad.

There is obviously a story behind this, it would be extremely difficult to work a deal this quickly without one…

A good friend of mine, Michael Jake, secured this property under contract and wasn’t sure what he wanted to do. Buy it for 73k, put 20k into it and then retail it for 125k…? Not a bad deal. A mutual friend of ours, Shane Bruckner, had a buyer for the property that qualified for 90k. The buyer really wanted the house before Christmas, but could not buy it in its current condition.

Michael calls me up and asks if I wanted to buy the property from him, fix it up to meet the buyers’ lenders conditions and then sell to the end buyer for 90k. It sounds good, but it’s getting a little skinny now.

I called up a couple of my contractors to see what they could do for me. I told them the situation and I got one to work with me. We put less than 5k into the property, took a week to fix’er up, and the rest is history!

Normally I wouldn’t do something this skinny, but that’s the joy of being a full time investor. I was able to do this deal, give someone a nice Christmas present, and keep my contractor working during the hardest time of year. Even though I didn’t make a lot of money on this deal, I was happy to just to pay it forward!

Cost of Aquisition: 78k
Cost of work: 5k
Sales Price: 90k
The smile on everyone’s faces who participated in the deal: PRICELESS!

I walked through the property today to see how close to ready my good friend Eliz’s rehab is for the Open House tomorrow. Yikes! She has a toilet in the hallway and it looks a mess!!! I hope she knows what she’s doing, check this pix out:

This is my partners first rehab and she is doing a wonderful job! We will be having a preview this Wednesday, December 16th for those who would like to see what’s been done.

Come join us at 2307 Lassen, 80910 for a festive Holiday Open House. Another successful renovation has been completed. We will be showcasing our custom granite and tile work from 5 to 7pm…

Before pictures:

Our flip on this house was such as success that we treated everyone in the neighborhood to a party. Free food and drinks on the house, the Coventry House that is.

We had a great turn out and a wonderful time so we are doing it again, but this time it is for everyone! Come and join us today, September 26, 2009 for Free food and drinks “on the house”.

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For Sale by Owner. Ask about our launch period promotions!
$99,997

Enjoy the unveiling of our latest remodels including new roof, new windows, granite counter tops, new carpet and much more! Don’t forget about the free food and beer!

Broncos Tickets
Make an offer during the launch period for a chance to win!

Appliance Package or Closing Costs
Make an offer during the launch period to choose between the appliance package or up to $3000 toward closing costs!

SEE YOU TODAY!

I let one of our new junior investors pick the color pallet for this property and he came up with and exterior color called ‘Butterfly Wing’. However, I like the new name “Butterfly Poo”…

We are still in the process of flipping this house and are about 95% complete, check it out:

[youtube=http://www.youtube.com/watch?v=fdMbZhgzr6o&hl=en&fs=1&]