Flipping House Series: The Money “Drain” House Part One

One of the memorable things about The Money “Drain” House is that it had a patio outside the walkout basement door that filled up with water when it rained and the water leaked into the basement.  This of course happened AFTER our team bought it.  So, our team had to fix a problem that we had not planned on fixing.

So as for a theme name, could had to play on the word “drain.”  As a part-time house flipper, you don’t have time to drive all over the city looking for a good house to flip.  You have to take advantage of good deals when they present themselves to you. This deal was actually and quite literally in one of our team members own back yard. He drives by it almost every day.  Deals are right in your own back yard if you just pay attention to your surroundings. We investigated and learned that the house had been through foreclosure and was now owned by HUD.  After the initial inspection using the property repair estimate checklist we were then able to determine the maximum allowable offer.