A few short weeks ago I happen to be gallivanting the Dallas, TX area with the red heads (for a friend’s wedding, slash weekend getaway) and happen to catch lunch with one Gary Grubbs.
Gary is a KISS Flipping success story who had just that day (right before lunch actually) closed his first ever deal – a textbook KISS flip in every way.
So what else could I do but whip out my trusty little flip video and coax him into spilling the story (yeah, I’m that guy who always has a flip video stashed in my cargo pants for just such an occasion 🙂 )
So here’s my “Splash N’ Dash” study vid with Gary “the Grubbmeister”. It’s pretty short. Please leave a comment below after watching. You’re crazy and I love hearing what you have to say…
Quick Deal Details:
- The Suspect: Gary Grubbs, Dallas, TX
- The Deal: “Joyce”
- Textbook kiss flipping deal in McKinney, TX (just an average market, nothing special)
- ARV: $99k-ish
- Purch: $51k
- Sold: $75.5k
- Net Profit: little over $20k
- Transaction duration: 2 months (Purchased 4/3, sold 6/4)
- Bridge Financing: Used hard money
- First deal ever
- In true KISS Flipping style, he focused on one specific school zone to find this (Big fish, small pond)
- Also exclusively used Realtor contacts for rehab
- Basically just made phone calls, invested maybe 10 hours or so ($2,000/hr or so, not too shabby 🙂 )
“Ahas” or “Gotchas”:
- Sell a better quality product than most are expecting, at below retail market value
- Next time, would analyze sales price a little better (left money on the table)
Working his second KISS flip now (another textbook). Expected profit should have been $35k but looks like it will only be $20 due to mistakes estimating foundation and plumbing. (I’ll do another case study with him after it’s wrapped up).
NOTE: Gary is a KISS Flipper. KISS Flipping is a surprisingly straightforward, simple profit model for today’s house flipper. KF is opened again for a narrow window of time (just a few days). To find out more, visit KISSflipping.com.
Please comment below!