Good Profit on First Flip / Spec build

[Patrick H.]

Finally completed my first rehab project after 10 months with a partner from BP. He put in the money and I put in the work. The house was nothing more than a shell when I found it on the MLS. It had been partially demolished by the rehabber who bought it before the downturn and then sat open to the elements for 4-5 years. There were no interior finishes and no plumbing, electrical or mechanical systems. It was a definite eyesore for the community.

We renovated the house from 900sqft to about 1550sqft with 3 bedrooms and 2.5 baths. The house sold without listing it on the MLS right after we got our drywall up, about 2 months before it was complete. We made about a 22% profit on the sale. All in all, it was a great learning experience and a successful first effort.

Here are the before and after photos.

[Zachary D.]

Wow! If you could post a costs breakdown for such a project, it'd be great for us newbies. I can even imagine!