Let me give you three examples and you tell me whether it's too good to be true?
1) We bought a property for $80,000 and sold it for $140,000 with a holding time of less than 2 weeks.
2) We bought a property for $27,000 and sold it for $85,000 with a holding time of about 3 months.
In both cases we did nothing to the property and simply flipped it.
Too good to be true? Must be a scam? No way, Jose!?
Well, it's completely true and we have the HUD-1's to prove it. These are just two examples of many, many deals we've done.
Still think the same about "Too Good To Be True"?
We recently also had a high profile investor tell us that a 500+ unit deal we had for $4,000,000 with 80+% occupancy was too good to be true and he completely balked at even looking at the financials?!!! Let me reiterate: If it sounds too good to be true, then at least do your own due diligence to confirm or deny whether there is truth or not in the deal being presented. Not doing a simple due diligence may cost you thousands, hundreds of thousands or even millions of dollars in lost profit. Play things smart and follow Ronald Reagan's approach..."Trust but verify". Don't immediately pass on a deal if the numbers sounds amazing. They actually just may be true and by acting rather than passing, you are the one that will make the money and not your competition.
Until next time......