Featuring Dylan T. – Harrisburg
full Time Investor about to close $88k deal
Dylan Thomas has been investing since 2019 and now he’s a full time investor with a VA and a lead manager on staff. He does a combination of wholesaling, rehabbing, and buy-and-hold. He completed 22 deals in 2021.
Here’s the breakdown of one of his deals he bought, potentially making $88,000 gross profit…
(official) Definition of hood beater: A house needing extensive repairs, in a C neighborhood or worse. AKA: “It’s in the hood and its trashed!”
“I mailed a guy about a hood beater rental he had. But, ironically, he didn’t even want to sell that specifc house. Instead he wanted to sell his moms house to close out her estate. (We are talking a 300+k arv house instead of a 60k hood beater 🙂 )
His brother had been in it for like 5 years, and let the place go pretty badly. It hadn’t been touched since 1964 when it was built, but it’s a solid 3-bed 1-bath rancher in one of the hottest towns in my market. We are going to flip this one. It’s actually my first ever flip, so I’m excited to see how it goes. We are about 2 weeks from completion as I write this.”
“The seller sold it to me because the house needed work and he trusted me. We only ever talked over the phone, but I met his sister and brother at the house.
The house was stuck in 1964. His brother and daughter were living there. They needed time to find a new place to live. I bought the house, and gave the brother a 2 month lease-back in order to have plenty of time to move out.
- Purchase price: $182,000
- Rehab costs: $40,000
- ARV: $310,000
- Potential Gross Profit: $88,000