When she first came to me with a property she wanted to buy and flip,
Doreen Harlsway of Salt Lake City, now retired and 71 years young, had just completed an expensive training course on real estate investing. At first I eyed her with skepticism of course, wondering if she thought this was going to be an easy ride.
She was buying in a neighborhood in Salt Lake City, Utah called “Sugarhouse,” that scores big points with owner occupants. Her ARV was $145K and she was buying at $94,000. Rehab was $9K. Her partner in the deal was to oversee all of the rehab. The comps for the ARV checked out, as I know this area well, so I was intrigued by the deal. I met with Doreen and her partner, and they seemed like they had the best intentions and the right answers to my questions.
Well, the retired lady Doreen, was nervous as a hen nearly every day after the purchase closed on the house. She had a big chunk of her retirement cash locked up on the deal. But luckily, her partner made sure the rehab was completed in a little over 3 weeks and the property was listed this Spring for $150K. Spring flowers blooming on the little sidewalk out front, and grass already full and green in the backyard, Doreen accepted an offer for $145K with only 16 DOM!!
Doreen has since paid us off, and now she’s celebrating big time. She’s a lot better off on her retirement nest egg on just this one real estate deal. This is what I call a success story! Congrats Doreen.