Hey Team - 

I'm back from the AAU National Championships earlier than we had hoped for. Alex's team played well, but missed advancing to the semi-finals. He's not too upset about it as he and 15 of his teammates are about to head to Nashville for Spring Break. Oh to be 21 again!!!

Back to business and my deal on Catalfa.

I thought I was going to be telling you all about the deal I was about to strike with a national home buyer. They were going to buy the property from me a couple days after I purchased it .. but at 65% of the current value of the property, and take out closing costs and escrow funds to complete the renovation. The remaining amount, I'd get at that initial closing for Payment #1.

Then, they were going to do the renovation (as the owners of the property) and when complete, have me list the property for sale as their agent resulting in Payment #2.

As part of the accounting of the sale of the property, the company would cover all the transactions expenses and take a Program Fee (roughly 5% of the sales price) for their profit and whatever was left over would come back to me as Payment #3.

The total of these payments would be roughly $42,000 .. not a bad series of paydays by any stretch of the imagination.

But, after my last message I was able to secure funding to cover the upfront payment to the seller as well as cover the other closing costs of the purchase .. AND secure a great contractor that has done work for me in the past who is willing to complete the renovation work and take payment when I resell the property.

So ... the numbers show that the projected profit in this revised scenario is roughly $65,000.

A full 50% more profit (roughly the amount of the Program Fee).

My contractor is telling me this is a 3-4 week project, which means I should have the property back on the market by the end of April.

Listing inventory is still at ridiculously low levels .. as of this writing, there are a grand total of 5 homes for sale within 2.5 miles of this home, with 1 being sold ASIS because of it's current condition.

Another of those homes has received 5 offers in only 4 days on market, so it for sure will be gone by the time we come to market.

All this to say .. the numbers are beginning to add up in such a way as to make this a more solid fix/flip opportunity than I originally considered.