high school friends Aria Khosravi And Alan Blue They didn’t have good grades or a lot of money when they met, but that didn’t stop them from building a seven-figure fortune Real estate flipping business together.
Persistence pays off: Khosravi and Blue came up with the idea of buying their first home together while attending Colorado State University. Instead of paying rent every month, they figured they could save some money by buying a house and renting out some of the rooms to friends.
According to a Business Insider reportthey “weren’t very good students” and “didn’t come from rich families,” but in 2004 they saved enough money to pay a $190,000 down payment on a four-bedroom house.
Renting out two of the bedrooms and breaking even was enough success for the duo to move on. They bought a second property together in 2006 and then signed a one-year deal to rent at a business location and turned it into a hookah bar.
They didn’t make much money from these two locations either, but they continued to make progress. After graduating from college, Khosravi and Blue began to focus all of their time on it property.
After seeking some advice from locals investors, they decided to try their hand at house flipping. They bought a small house in 2009 for $95,000. They put about $35,000 into it and sold it fairly quickly for a $20,000 profit.
“We were making $35,000 a year from the hookah lounge, if that…we couldn’t believe it,” Khosravi said.
After their first flip in 2009, the two began to put all their time and effort into real estate. Khosravi and Blue completed 91 flips in the last year alone and 15 of them.
They also own 16 rental units.
Before buying a property, they check the numbers to determine if it’s better to keep and rent it out, or trade it for a quick profit.
“The flipping business keeps the lights on and the money in…”