Shaker heights, in Cleveland, ohio is a remarkable community. The school system is probably one of the best in the county. Houses range from $150,000 – $220,000.

Yet – if you know where to look, you can find a few bank foreclosed homes that with a bit of paint, maybe a few new fixtures they could be sold for $100,000-200,000.

These homes range anywhere between $10,000 – $30,000. I’d say we would probably need an additional $10,000 – $15,000 for repairs and upgrades. Total out of pocket would be: $20,000 for a $10,000 house. The total we could then sell it for is $120,000.

That’s $100,000 profit. There’s even a chance we could get a lot more, this is a low figure. As our investor we would give you a 60% cut which would be $60,000 or more depending on the sale price. If you’d like to do another flip with us after that we would use some of our earnings from the first to pay for 50% of the 2nd flip – so you’d only need to invest 50%. On each of these additional flips we will receive 60%  – 10% extra because we will be doing the hard work of renovating it ourselves.

My wife’s parents are both contractors and she has helped build 3 houses herself – we have the experience together to do most of the work ourselves, saving the cost of contractors.

You can check out the Shaker Heights area at City-data.com

If interested drop me an email at: patrickwcurl@gmail.com

 

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