It all started when a wholesaler emailed Freedom Builders USA Inc. (Cameron and his team) about a house for sale. We researched the comps in the area to get a good idea of what the after-repair value (ARV) would be; then we inspected the house and put together a repair estimate. The wholesaler was asking for $115,000; the ARV was $185,000; and we estimated the repairs at $20,000. This made the most allowable offer (MAO) $118,000.
We put in an offer with the wholesaler for $112,000, which was accepted, and we closed in just seven days. Within two weeks, we completed the rehab and had the house staged. The rehab even came under budget at $17,000.
Within 12 hours of listing the house on the MLS, we received an offer of $189,900! Needless to say, we took it, gaining a profit of $32,000. We only spent two weeks rehabbing the house and another four weeks before closing. Not a bad profit for six weeks!