Angelo Senat

Angelo Senat has invested in rental properties and managed a construction firm, started buying properties in the New York., area in October 2008. With the economy in a tailspin, he was able to buy homes for as little as $90,000, which was less than the cost of building a new house in the New York area, he says. He fixed up his first house and sold it four months later for $185,000. In 2010, he bought several more homes and sold them for $220,000 to $240,000, usually within six months. Since then, prices for distressed properties have risen, which has reduced Angelo's profits. Between July 2011 and the spring of 2012, he estimates that prices for fixer-uppers increased by 20% to 25%, while sale prices for remodeled homes in move-in condition remained stagnant. Over the past year, he has flipped about ten houses; the average net profit ranged from $15,000 to $30,000 per home, which he splits with his investors, who fund the majority of his upfront costs. Angelo expects a higher return on his current projects because prices for remodeled homes in the New York area have been moving higher in recent months.
His long-term goal is to continue what he's doing now but on a larger scale. "I'd like to be turning twice as many properties," he says.