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First Flip Done!

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David Robertson Verified

Real Estate Investor from Kansas City, Missouri

Sep 28 '12, 08:20 AM
2 votes


First flip done! Thanks everyone for your help throughout the process! It wasn't always easy, and I had to get my hands dirty on a couple things, but all and all, it was a success. We had multiple offers within the first 2 days of listing and had an accepted offer at full list on the 3rd day!

See the listing below for pictures :

http://www.weichert.com/44251864/



Medium_houseflipping_spreadsheetDavid Robertson, HouseFlippingSpreadsheet.com
Website: http://www.houseflippingspreadsheet.com
Rehab Deal Analysis, Management & Accounting Spreadsheet


Chris Clothier Verified Donor

Real Estate Investor from memphis, Tennessee

Sep 28 '12, 08:34 AM


Congratulations @David Robertson. That looks excellent and you obviously did a great job all the way around, including pricing strategy, for it to sell so quickly.

Best of luck with the next one!

Chris



Medium_new_mi_logoChris Clothier, Memphis Invest, GP
Telephone: 901-212-9647
Website: http://www.memphisinvest.com
www.MemphisInvest.com 1(877)-773-9998 Chris D Clothier


Angela D.

Real Estate Investor from Union City, Georgia

Sep 28 '12, 08:44 AM


Congratulations!!! your renovation choices were fantantic.



Manuel Acuna

Rehabber from Albuquerque, New Mexico

Sep 28 '12, 08:58 AM


Nice! Extremely happy for you! How long did it take for you to find this first place? I'm trying to find my first one...

Really nice quality work though! Congrats!

Manuel



David Robertson Verified

Real Estate Investor from Kansas City, Missouri

Sep 28 '12, 09:16 AM


Thanks everyone!

Manuel,

This Spring I was looking at houses for 3-4 months with no luck. I finally closed on this house in early July. 1 month later, I got another house which we are currently remodeling. I probably made 20+ offers before I got this house, but I don't think that is A-typical from what I have heard. Hang in there...



Medium_houseflipping_spreadsheetDavid Robertson, HouseFlippingSpreadsheet.com
Website: http://www.houseflippingspreadsheet.com
Rehab Deal Analysis, Management & Accounting Spreadsheet


Dave M.

Residential Landlord from Chicago, Illinois

Sep 28 '12, 09:45 AM


Nice work!

How did the numbers turn out?



Jenkins Ramon Donor

Real Estate Investor from Milwaukee County, Wisconsin

Sep 28 '12, 09:59 AM


Nice new garage doors, different color shuttles,
front door entrance definitely makes a difference

Did you find there still a market for stainless steel
versus all black appliances?

Very nice backsplash, kitchen flooring, and basement renovations

Cabinets - new, re-facing, simply painted ?

What was your purchase price and renovation budget ?

Congrats



J Scott Verified Moderator Donor

Real Estate Investor from Ellicott City, Maryland

Sep 28 '12, 10:57 AM


Nice work...congrats!



Medium_lishproplogoJ Scott, Lish Properties, LLC
E-Mail: [email protected]
Website: http://www.123flip.com
CHECK OUT MY BIGGERPOCKETS BOOKS: http://www.biggerpockets.com/flippingbook


David Robertson Verified

Real Estate Investor from Kansas City, Missouri

Sep 28 '12, 12:07 PM
1 vote


Jenkins,

The house needed quite a bit of work from top to bottom. Overall we spent $39,000 and had around $38,000 budgeted, so a little overbudget, but not too bad. Here's a list of repairs and approximate costs:

New 100AMP service w/ all new copper wiring throughout: $3,000
New roof $4500
7 new windows: $2500
Drwall patching/texturing $3000
New doors/trim throughout: $1800
Hardwood flooring material (I installed): $600
Carpet: $2800
Tile: $800
Bathrooms: $2500-3,000 a piece
Granite countertops: $1500
Paint Material (I painted): $1000
Garage Doors: $1200
Appliances: $2000
And a whole bunch of miscellaneous stuff (it's on a spreadsheet somewhere)=$39,000

Purchase price was $54,000 and have a pending offer at $120,000 which was our goal from the start. We should make around $17,000 on the project.

I'm glad you like the new shutters, the old shutters that were on the house had BATS living behind them! So that was interesting...

The kitchen cabinets were just painted white.



Medium_houseflipping_spreadsheetDavid Robertson, HouseFlippingSpreadsheet.com
Website: http://www.houseflippingspreadsheet.com
Rehab Deal Analysis, Management & Accounting Spreadsheet


Brent F.

Delaware

Sep 28 '12, 02:03 PM


How did you pay for your rehab? Hard money, cash or conventional loan? Ive been having a hard time getting my first rehab because im using a conventional loan, while alot of people are making offers all cash in my area. At least that's all i can come up with..



Jessica B.

Real Estate Investor from Glendale, Arizona

Sep 28 '12, 02:15 PM


Nice looking rehab, congrats!



Rob K

Real Estate Investor from Michigan

Sep 28 '12, 04:12 PM


@David Robertson Awesome job! Looks like you did everything right. A lot of guys will throw out perfectly good cabinets. Your coat of paint made them look new. Good luck on flip #2!



K. Marie Poe

Real Estate Investor from Central Valley, California

Sep 28 '12, 06:27 PM


Congrats on getting it done and getting offers! I think the offers are the best part.

I work with props in same ARV. I'm curious about the kitchen/dining floor. Is it engineered hardwood? Looks great. Is the flooring in the master bath and upstairs hallway ceramic tile? I didn't know that tile flooring outside of kitchens and baths had made their way to the Midwest already. :)

I'm very partial to white kitchens, and they are hot right now. Congrats on getting a very good look using the old cabinets.

That's a lot of house for $120K. Some lucky family will be very happy to live there and call it home. Again, congrats.



Corey Fishbein

Wholesaler from Florida

Sep 28 '12, 06:57 PM


Might I ask where you got the house? HUD home? MLS?



Steve Babiak

Real Estate Investor from Audubon, Pennsylvania

Sep 29 '12, 05:40 PM


Looks like you have a finished basement there - but I did not see any egress windows. Is there a walk-out door? If not, is this acceptable to the local building code?



Steve Babiak, Redeeming Properties, LLC
Telephone: 6109082183
...


David Robertson Verified

Real Estate Investor from Kansas City, Missouri

Sep 29 '12, 07:33 PM


Thanks for all the compliments.

To answer a couple of questions:

Scott, The rehab took about 9 weeks start to finish. This being our first remodel, it took us a while to get some contractors on board. I also did some of the work myself...I thought the interior painting and punchlist would never end! All-in-all, I think we could have completed the project a couple of weeks faster if we had our ducks in a row.

K, The flooring in the kitchen was a 3/8" solid bamboo flooring. The tile is all porcelain tile and glass mosaic tile that was bought from the Home Depot.

Scott/Corey, The house was a cash offer for a bank foreclosure that we purchased off the MLS.

Steve, I am not aware of a requirement to have egress windows in a finished basement, unless it is a bedroom in the basement. Also, this basement was originally finished when the house was first built back in 78. I believe this may have been grandfathered-in, but I'm not sure...Nothing was brought up at the inspection.



Medium_houseflipping_spreadsheetDavid Robertson, HouseFlippingSpreadsheet.com
Website: http://www.houseflippingspreadsheet.com
Rehab Deal Analysis, Management & Accounting Spreadsheet


David Tower

Real Estate Investor from Keller, Texas

Sep 29 '12, 08:06 PM


Great job and congrats on your first flip!



Richard Evans

kingman, Arizona

Sep 29 '12, 08:14 PM


Amazing job David! This is getting me excited to start working on my property. Hopefully it will be a success like yours.



Greg B.

Real Estate Investor from Syracuse, New York

Sep 29 '12, 09:09 PM


Congrats, the rehab looks great.



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