The Sarasota Herald Tribune reports on the demise of real estate dealmaker who made millions flipping real estate, but is now under fire from his partners.
In the article there is a very good explanation of how to flip real estate:
549 Sloop Lane, Longboat Key
Mark Brivik bought the home with James and Ethan Teague for $450,000 in November 1996 through a company called Windsong Resorts, Sarasota County Clerk of Court records show.
The partners sold the 5,600-square-foot home a week later for the same amount to another business associate, Dorcas Bortolamedi, who received two loans totaling $405,000.
Bortolamedi and the Windsong partners sold the property back and forth again four months later, allowing Bortolamedi to boost his loan amount to $498,000, or $48,000 above his original purchase price.
In July 1997, Bortolamedi transferred the property to 549 Sloop Lane Development, another company controlled by Brivik, and 549 Sloop transferred it a month later to another Brivik associate, Lyn Spearman, who got a $580,000 loan.
The following year, Spearman transferred the property to 549 Sloop, which transferred it to a third business associate, Joseph Hamilton, who received a $595,000 loan.
In July 1999, 549 Sloop and Hamilton transferred the property back and forth again, with Hamilton receiving two loans for $867,500.
Hamilton sold the property to 549 Sloop a year later, and 549 Sloop sold it to Brivik, who initially received $895,000 in loans, but gradually increased that amount to $1.4 million by 2002 through six more loans.
In 2005, Brivik sold the property to his real estate attorney, Michael Wyckoff, for $1.317 million. Wyckoff received an $885,000 loan from Suncoast Bank, which is now in default.
