My wife and I started our flipping carrer about six years ago in Bakersfield, Ca. At the time there were H.U.D. Repos every week there were approx. 10-15 of them. Of course there have been no more H.U.D repos available. You can't get them pretty much anywhere in Calif. anymore. But anyway at the time we were able to bid on and get a couple of week back in the early 2000's, one in particular, actually it was our first one.
We paid $89,000 for a single family home 3bdrm's 2 bath. Your typical tract style home in a middleclass neighborhood. I took approx. 3 weeks to go in and rehab the home, we put all new carpet, all new paint, new appliances. By the time we were done the house was looking brand new. We put only $6,000 in to the house in rehab money, doing all of the labor ourselves with the exception of the carpeting. The next door neighbor would come over from time to time looking at the progress, all the time telling us her mother was considering making a move closer to her daughter, which was our neighbor coming to look at our progress.
By the time we were done She asked if her mother could come over to look at the house. We said that would be no problem, but we were not really interested in selling the home. We were more thinking along the lines of keeping most of the rehab's we would do for rentals. We were able to buy them so cheep at the time, so they would cash flow every month quite nicely.
Well you know what happened next, the mother did come and looked at the home at liked so much that she made an offer on it and of course we sold it, without having quite completed the home yet. So our first flip turned out to be profitable, making approx. $45,000. Spending only $6,000 in rehab money, and zero dollars spent on marketing or needing a realtor to market it either. What a country! $45,000 in only 3 weeks.
Where else can you make this kind of money and have fun at the same time in any other business other than “Real Estate” We continue to rahab Homes and Condos and are still having the same amount of fun, there is nothing quite like the feeling of transforming a wreck of a house and turning it into a home.