155 – A House Flipping Case Study–Eric Tomei

3182da2In this episode, Eric Tomei comes back on the show for an unprecedented third time! Eric generously agreed to come back on to share a very interesting case study of a recent flip.  This is the first case study we have done on Just Start Real Estate, and I am very excited to present this to you. Learning from others experiences is very valuable!

First of all, I just want to say that Eric is a friend of mine, but he’s also very experienced real estate investor. He and his business partner flip dozens of houses a year, and have been tearing it up in Michigan for a long time. Eric gave up the goods in this episode. He gave us the flip numbers, private investor deal structure, negotiating tactics, and even told a story about how a mold scare delayed the sale of the house for months!

Here are the basic deal numbers on this one:

Purchase price: $72,000
Rehab: $33,200
Holding costs/commissions: $14,300
Sale price: $138,000

This deal, and every deal that Eric and his partner have done over the last several years can be found on his Facebook page: www.Facebook.com/Michiganpropertyinvestors.  Eric can also be reached by email at erictomei@gmail.com.

This was an exciting case study! You definitely don’t want to miss this episode. If you have any questions for either me or Eric, let me know in the show notes; I will make sure that one or both of us answer them promptly.

About the author, Mike

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