Profiting more than $50,000 off of one phone call would probably have you picking up your phone more often—or at least setting systems in place to get more of those deals. And that’s exactly what Nate Squires is doing after his massive success as he just started out flipping houses.
Where did the flip happen? Franklin, Ohio & Carlisle, Ohio
How did those numbers work out?
Source: Driving for dollars
Purchase Price: $90k & $120k
Reno cost: $75k & $40k
Sale Price: $227k & $215k
Net Profit: $37,760 & $29,200 = $66,960
Video Interview with Nate Squires
What Is Driving for Dollars?
Driving for dollars is a term used by investors looking for homes in less than great condition. If you notice that the house is run down or the yard isn’t well taken care of, that’s a sign that someone might be ready to sell.
Driving for dollars might be a bit time intensive, but it can yield some pretty awesome results that won’t always show up on some of the most popular investor tools that allow you to pull lists of potentially motivated sellers.
How Nate Squires Found a Two for One Deal
Nate told me the deal was found by driving for dollars. When he called the owner, he thought it might be a good deal, but he found out it was actually a potentially great deal.
Any time you call a homeowner, you never know if they’re motivated or just comfortable in their situation. In this case, after a bit of discovery and rapport building, Nate was able to find out that she wanted to sell the house he was talking about. But that’s not all that Nate found out. He also found out that the soon-to-be seller wanted to sell another nearby property that she had as a rental.
The benefit of having two houses so close is that the contractors were able to go from one property to the next quickly.
Why Did You Choose to Do This Deal?
Nate does a lot of wholesaling, so I was interested to find out why he decided to flip these two houses. The main reason for doing a flip vs. wholesaling is if you’re able to do it pretty easily, and you can make more money than if you sold the contract to another investor.
The rehab wasn’t too bad because there weren’t any structural issues that would cause extra expenses and problems to creep up. However, that’s not to say that this rehab wasn’t without a few hiccups.
What Unexpected Things Happened When You Flipped These Houses?
Nate shared that he did not know the true costs of things when he started flipping this house. It’s a running joke with flippers that wholesalers always way underestimate the cost of flipping a house, and it’s usually true.
Now, Nate has real life experience with the cost of flipping a house, and he is able to access the rehab costs of a house more accurately. But that didn’t help on this project, but thankfully, the house sold for higher than he’d anticipated, so he was able to still make a nice profit.
Why Were These Flips Successful?
These flips were successful because of running the numbers on the conservative side and making sure there were good contractors on the job that wouldn’t delay the project. There weren’t any additions, and both of the flips were pretty cosmetic in nature without major surprises that would eat into the profit.
How Much Money Did Nate Walk Away With?
With the profit on both of these houses combined, Nate was able to rake in $66,960 from this house flip project.
How to Contact Nate Squires
You can reach out to Nate Squires on Instagram. He’s a wholesaler as well as a house flipper, and he’s open to collaboration, so make sure to reach out to him.