The last property I sold

# Entrepreneur of the Week Eyal Raber # Post 5

Today I will tell you about the last deal I sold including numbers.
The reason I tell about this deal is that her contract of sale was signed yesterday.
This is a very small but agile deal.
At the end of February we closed on a property in the Union Miles Park area, a weak area in the eastern part of Cleveland.
Buy 35 before closing costs
planning:
Estimated renovation 5-7 thousand
Unplanned 2 thousand
Working time, up to 3 months including waiting.
Planned sale 65-75
We bought the property and after about two weeks we started the renovation.
We finished the renovation in about a month and a half with a deviation from the budget, the renovation cost 7 and a half thousand.
The reason for the deviation, a small change in the original design of the renovation, an additional cost of about two thousand dollars.
Continue, bring in a photographer and this is the stage that should go up to MLS. After a week the house goes up to MLS.
Waiting for bids, after a few days an offer of $ 80 arrives
2 thousand deposit conditional on inspection.
80 thousand is a fine price but this offer is subject to inspection by a supervisor, I want the buyer to put a non-refundable deposit of 3 thousand (3k non-refundable EMD)
They are not interested in risking the deposit so we kept waiting for another offer. After about a week comes another 75 offer with a conditional deposit on the property inspection, I asked them for the deposit to be non-refundable and they agreed.
In 30 days if everything goes as planned we should come out with a profit of 29 thousand dollars. If the buyer does not take the property we will have the deposit left and we will move on to the next buyer.
Yield: 67 percent in three months (of course there is nothing to get excited about the high yield because this is a really small deal)