Unfortunately, I don’t have a lot of time today to write but I would like to post a quick update as to what we have going on. Last weekend I wrote an incredibly long post about scaling and where we are this year. So, I am going to break this weeks post down into the different categories of the business to make an update as to what we have going on.
We currently have 5 flips listed on the market with one that was just completed. Here is a link to that one if you want to see some after photos. When I get some time, I will put together some before and after shots so you can truly see the transformation of this house.
We have one big renovation going on in East Hill right now, 2 houses that are under contract and are scheduled to close the middle of August, and 2 that were just purchased we are preparing to start renovating.
So, if you are counting that is 11 houses so far this year (including the one that just closed) and we also have 2 more that will be closing in August. So, we have reached our goal of 12 or more but now we just need to get them all sold.
My personal rental houses are doing well, however I haven’t added any more to my portfolio this year. I have been so focused on expanding my business that I have injected all my own capital into getting it up and running. However, if I find one that I can’t pass up and the money is there I will be buying it to keep. I have one that we just closed on Friday that I should have kept but it’s hard to pass up such a great flip deal.
Marketing / Acquisitions
This is the lifeblood of the company this year and we have been very successful. We are currently putting 2 houses per week under contract allowing us to keep the property funnel full. This is allowing us to have projects in the future and keep our contractors buys and lenders money working.
I have written about partnerships in the past and these have been the reason why we have been able to do so many houses at once this year. Working together with lenders, contractors, and other flippers have allowed us to leverage our capital and experience to flip more houses.
Money is what most flippers struggle with the most. I’m sure if you speak to any house flipper and ask what they need the most, 90% of them would say money. We have been lucky to work with great private lenders this year who are enjoying safe, consistent returns from our renovation projects. If you are interested in working with us in the future feel free to reach out to me.
We have been lucky enough to do some lending ourselves this year and have a couple of short term loans out with other flippers now. The majority of the lending I am doing is with my self directed IRA. If you are interested in learning more about that, I have written some posts in the past on them (HERE). This is a great way to blow up your IRA a lot faster than investing in the market and be able to truly pick your investments.
I know there wasn’t a ton of specifics in this post but I hope it gives you an idea of everything that we are doing. Next week I will run down the numbers on our Navarre flip that we closed on in July so you can see what a deal looks like from start to finish. Thanks for reading and if you want to talk about anything I wrote about, feel free to leave a comment or reach out via email. Bill@blackjackre.com