Robert Adams Las Vegas Real Estate Blog

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10 Day Real Estate Flip with 16% ROI after expenses! Step by Step List of how we did it! Follow our Real Estate Blog!

1/4/2016

Day 1 December 21, 2015 ~ We closed escrow on the purchase. We also had been discussing the purchase with an investor prior to our purchase. As soon as we closed on it, we put it back in escrow the same day. The investors offer was contingent upon him viewing it once it was rehabbed. The EMD and buyer's due diligence period was to begin after the rehab was complete.
Day 2 December 22, 2015 ~ The rehab/demo began. I also contacted the future tenant and explained that the rehab has begun and that he should be able to move-in in about 5 days.
Day 3 December 23, 2015 ~ We tried to get as much of the rehab done as possible since Christmas was quickly approaching. We also worked diligently on getting title all the info they needed so they could update the prelim, get the HOA name transferred to us, so Title could get the updated HOA demands on time for close. After sending the HOA the update deed we also paid an extra $50 to put a rush on the HOA demands so we could close on time.
Day 4 December 24, 2015 ~ There was a half day of rehab done on this day due to the holiday. The tenant submitted a rental application.
Day 5 December 25, 2015 ~ This was Christmas and everyone took the day off.
Day 6 December 26, 2015 ~ This was the last day of rehab. We prepared the unit to be shown to both the new tenant and the new owner.
Day 7 December 27, 2015 ~ The tenant viewed the property and gave the green light. He signed the lease agreement for one year and gave a $600 security deposit. I gave the tenant the last few days of December for free and he is expected to pay the first months rent to the new owner on January 1st. The buyer came and viewed the unit now that the rehab was complete. He approved the condition and rehab and we instructed title to get everything together for the final signings.
Day 8 December 28, 2015 ~ We completed the files for both the buyer and seller. We went to title and signed on the seller side.
Day 9 December 29, 2015 ~ The buyer signed and wired the funds.
Day 10 December 30, 2015 ~ Title was recorded in the new owners name, the security deposit was transferred to the new owner, and the deal was DONE!

Now we are on to the next one.
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