Investor Condo Flip Returns Great Profit – Bank Owned Property

A real estate investor I have been working with purchased this bank owned property – REO condo property at a fantastic price of $386,199 in February. My client quickly fixed up the condo unit in Somerset Ocean Front Condo to make it more appealing to potential buyers. We then listed the condo for sale at an asking price of $489,000. The condo was under contract in 32 days and closed near the end of May for $476,800. Even with real estate fees and taxes my client made over a 9% return on investment.

There are plenty of great deals out there right now, but they are selling quick. Inventory in Brevard County is at an all time low. Call me if you have any questions regarding the great opportunities in Brevard or leave a comment.

On to another deal!!!

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About the author:

Kyle Hogan is full time Realtor, Broker Associate and Sales Executive at Keller Williams Realty of Brevard. Kyle has used his knowledge of customer relations, excellent sales skills and phenomenal marketing abilities to become a respected and recognized name in the competitive Brevard Real Estate market.


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Comments

3 Responses to “Investor Condo Flip Returns Great Profit – Bank Owned Property”
  1. Joe Harris says:
    May 3, 2011 at 8:50 am

    Great job Kyle! As you and your investor have found, there is a tremendous amount of opportunity right now in this market

    Reply
  2. Robert Lilley says:
    May 10, 2011 at 1:07 pm

    What a great story! Good job – by both you AND your client!

    Yes, there are many opportunities out there but you must make sure you are focusing on the right one. Years from now, all these “experts” who warn that no one will make any money in real estate for years will look back and wish they had not been so short sighted.

    Reply

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