Michael Aldridge Victory

 

Michael Aldridge Victory

Pinnacle Properties in PHOENIX, AZ
Michael Aldridge with Michael Aldridge

Type(s) of Victory: Closed on another deal


Net profit $29,835 ! We purchased this home March 30th 2016 from an online bank REO auction. I dubbed this house "Squatters Paradise". About 2 weeks into contract I drove by the property to check it out again and noticed cars in the driveway. I proceeded to the knock on the door and to my surprise the person at the house wasn't the bank's property manager. When I asked who he was he exclaimed " I am renting a room" . At that moment I knew we may be in a rough ride. The nearer we got to closing even more of the supposed tenants friends had moved in. There were at any time up to 6-7 people residing in this 1209 sqft home. The reality is that all of these people were Squatters residing in the home with no water and electricity services. Of course, they figured out how to access the city water and utilities without paying which presented a bigger problem. I had to notify the city and utility companies, both of which locked them out of services. They were essentially camping in the house and remained through the closing date. The very next day at 630am, I arrived with the Phoenix Police for their wake up call. The Police banged on the door and within about 15 minutes we were "Squatter Free" I spoke with the Squatters, got the key and gave them the day to remove their belongings with the understanding that if the house wasn't cleared out we would have our contractor remove everything to the 40 yard dumpster in the Driveway. They complied and removed the items they needed and we never saw them again. We ended up completely gutting the house filling 2 dumpsters. A couple of months later we had turned this run down house into the best home in the area. Our finishes are what we have named "Gray Scale". Take a look at the photos:https://1drv.ms/f/s!AolTEcHVNeIr-liCvLMliSu7rEMi. The home was priced @ 189,900 which was the highest price of a home in the per square foot. immediately after listing we had in excess of 15 showings receiving multiple offers. We ended up selling this home in 8 days for full price with no seller concessions. I believe one of the keys to our success was making the home picture perfect with quality; construction, finishes and staging. In preparation of the appraisal we provided the appraiser with our scope of work and repair costs.


Shout Outs & Testimonials

Being the owner of a Mortgage Company has given us a unique insight to the fix and flip business. High quality work on a home is nice, but understanding the lending business and choosing the best offer is probably one of the most important pieces of the transaction puzzle. The highest offer is not always the best and offers that request seller concessions of 2-3% present a greater problem with the appraisal. I recommend taking the highest Conventional loan offer with no seller concessions. We currently target homes that fall into the category of median priced homes. These homes are affordable to the masses and give us the opportunity to sell them extremely fast.



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