My first flip

Here's is my story.

Finally, I found a "motivated seller". I negotiated a lower price and wrote an offer in ONE day. The seller didn't want to sign my contract because he was getting calls from investors while I was sitting in his living room. I told him either we do the deal now or I walk away...he signed and I gave him a hundred dollar bill. Funny thing is that I almost lost this opportunity when I answered the call. I received the call from the seller while I was standing in line at the bank. It was a multi-family in fair shape in a fair neighborhood, not something I cared to rehab or hold at the time. Not interested, but I sensed motivation in the sellers voice so I asked him, "What's the least amount you will sell for if I pay you cash and close quickly?" Well, the number he mentioned was about 58% of ARV…that got me interested. I made a couple of calls to my buyers list and one local investor said he'd buy it from me. I paid for an inspection, title insurance and had my RE attorney double close (his first double close). I stayed in control of the deal from start to finish, not wanting to assign the deal because my seller didn't know I was flipping the property, and my investor buyer didn't know my profit. I also took ownership (for approx. 5 minutes) in a trust, had a private money lender in line as a backup in case my investor/buyer flaked out at the last minute. It was my first deal with him. After few minor delays on the closing date, I sweated it out to the finish line/closing date, and a nice $22,000 check dropped into my lap!