Mission Accomplished!

This was a very hectic morning and there were some minor problems with the buyer's mortgage paperwork, but it didn't take long at all to get them corrected, reprinted and signed. The closing for Curie Court went off without a hitch this morning -- money was exchanged, keys were handed over, and everyone is very happy.

From start to finish (Feb 22 through Jun 12) it was only about 3-1/2 months. That's bought, fixed, sold! Not bad! After all debt is repaid for this project I have made a cool $10,000.

Now, I know what you're thinking. This is no way to get rich flipping real estate! And you're right. It's not. In fact, I still have debt to repay from the first project I did a couple years back that is now a rental property. Also, I have put some of my own savings into the business to get started. So, I still have some money to pay back to myself. I'm just getting started.

I have another property in Rosedale Park, Detroit. I'll be posting video clips soon for the next project. But, to answer the question regarding getting rich in Michigan that's easy -- it's not a "get rich quick" scheme! It's a buy, fix, sell process and it takes time. It's like the instructions on the back of a shampoo bottle -- Wash, Rinse ... REPEAT! It's the last part that people often forget about.

Also, I will get better as I go and I will learn to reduce my costs and increase my profit margins. Some deals have a higher margin than others. Another ingredient is the buy and hold strategy. I have one rental unit now, I'd like a handful more. But the big prize will be to get a commercial apartment complex. I will do that in 2010.

Come back soon for more ....