Flipping Rich

I meant to start this last week, but I didnt… I will be posting select properties around Minneapolis with different criteria. This week is more about either, good buy or rehab (money making) opportunity.

Hopefully it is not to passe to mention my own deals, but look its a real opportunity, proven in the last week.

As you know I am working on the W Minneapolis Condos, an affordable condo project in Minneapolis (some willing to call the area Uptown) near Eat Street.

We have been selling the project for about 7 months. These are different size condos that are available non remodeled or fully remodeled.  The opportunity here, for those that want to fix something and resell, is a relatively quick money making opportunity. You wont get rich, but a good chunk of change with moderately low risk.

My younger brother (who is a handy man, and looks nothing like me) bought a unit, HIS FIRST VENTURE INTO HOME OWNERSHIP just 4 months ago.  He and his wife did the remodel of the unit, spending roughly $10,000 in materials. The rest was their own labor.  They just resold the unit (without trying) for $40,000 more than they bought it for.  $30,000  ($40k minus $10k material expense) is not a bad part time job in 3-4 months.

They took the money and bought a bigger unit in the building. 

There is another investor that has done the same thing and we just put that unit on the market last week.