7212 N. Portsmouth
7212 N. Portsmouth
Net Profit - $122,000.00
This was an interesting purchase. We bought this home from a renovator that had just renovated the
home. Once we closed on our purchase, we quickly split a lot off via simple lot confirmation of the
historic lot, and built a new home. We did nothing to the existing home except we staged it because the
Seller was a professional renovator, and he had done a nice job renovating it (Thanks You!) Notice how
much better it looks simply staged! We immediately put the original home back on the market, and sold
it quick, and had our extra lot, and the home that we built on it. We were in and out of this entire
project in 7 ½ months and made a net profit of $122,000.
This is a great example of our peers that have been taught to rehab and flip, but have not been trained
on the huge money making process of confirming historic lots of record, and then having the ability to
make more profits by building the new home, which is easier than many rehabs. I spoke to this
renovator after I finished the project, and he had gone through one of my Peers “how to get rich flipping
houses” programs. I won’t name of the name of my peer, but he was on HGTV. Unfortunately, (for
him!), he had left 10’s of thousands on the table by simply not knowing the gold mine that he had.
I have bought many, many properties from professional rehabbers, did nothing to the house, split off a
lot(s), and built a new home and made money that they should have made. In many cases, I simply split
off the lot and sold the existing house, and flipped the lot, within 45 days. In one case, I made over
$40,000 in less than 30 days when a cash buyer bought the home, and a builder bought the lot, and I
was able to split the lot off and get the new lot recorded within 3 weeks.
Before Construction
New Home 1
Original Home Refurbish
