Here's another completed flip by one of our members Purchase Price: $640k Reno: $35K Expected Sale Price $765K Gross Profit $70,000 in under 3 months I still get excited watching what the PREA Army can do, I believe this is their third flip this year!

Fam, sharing a WIN today with my Microflip (condo flip) in Richmond BC, Attached Pictures! Picked up the cheque from my lawyer’s office today and now it’s time the investor pay back time, I had bought this flip with 95% OPM using creative financing Strategies! * Bought for 610k on May 17th 2024 and sold for 712.5K on Aug 2nd 2024. * 35K Reno cost (Reno’s completed in 12 business days from demo to staging). * Time duration < 3 months (78 days from buying date to sale closing date to be exact). Few challenges and lessons learnt in this project: A. Financing: Private Mortgage could be expensive affair and quickly eats into your condo flip profits, make sure to factor in legal charges paid to lenders lawyer, lender fees, broker fees, legal opinion letter charges if buying under a corp, and in most cases your lawyer might charge a premium in fees to review private mortgage documents too. If I could partner up with someone who could bring in a HELOC funding, I would have happily split the profits and paid them their share of what I had paid to MIC and extra lawyer. B. Private Lender: I had an investor who had committed to lend 50K (Creative Financing again, secured collateralized promissory note loan agreement we had in place for 18% interest) changed their mind and back out of the deal 3 days before closing, this put me in a tough spot, fortunate another investor from this very own group helped me last minute. Make sure you get firm commitment from the lenders and have paperwork completed in advance and secure the funds a week before closing to avoid any last minute changes. C. Security Issues: Lockbox Stolen, My lockbox used for contractor access got stolen (I had fob and master building key inside along with unit key), and the building security was compromised, and there was a break-in next day. I had to work with strata and council to rekey the building, re-program the fobs, and had to take tab on part of expenses which comes to around 3.5K, this was an unexpected expense. My insurance deductible was 2.5K, and was not worth it going this route with claims (I would have been better paying slightly higher insurance premiums for a lower deductible policy).

Let's remember that the good old days, are right now, and embrace today as the truly incredible gift. Keep pushing towards your dreams. Everyday counts!

🏡 Hey PREA Army! This week's webinar is going to be about the pros and cons of different real estate investments! Whether you're a beginner or unsure where to invest, we've got you covered! April 25 (10am Pacific Time) Here is your link: https://us06web.zoom.us/j/83888386342

Hey everyone, I'm Micheal-ray and I'm glad to be apart of this community. I plan to benefit and learn as we grow together. I'm from the calgary area and plan to build friendships and partnerships to make deals. Don't be afraid to send me a message, i would love to share information and build a relationship for future opportunities.