First flip 36k profit

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  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    17y

    More details?
    SFR?
    Commercial?
    FInancial details Please!!!

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  • Joshua D.Pro Member
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    17y

    Congrats, Timothy! Please do share some details with the rest of us.

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  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    17y

    What a tease Timothy! Share some details of your flip success at your young age to inspire members.

    Show that it can be done if you set your mind to it and just NIKE it (Just Do It!)

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  • Nick J.
    Residential Real Estate Broker · Payson, AZ · Member since 2009 · 3k+ posts · 1k+ votes
    17y

    ya that's just not right. We want details!!!

    it's like saying, "hey I need to tell you something, but later"

    don't be like my 1st g/f and hold out on us

    0Reply
  • Timothy Brillant
    OP
    Investor · Topsham, ME · Member since 2009 · 34 posts · 1 vote
    17y

    218,000 Sell Price
    148,355 buy price
    15,300 Rehab Cost (includes Holding costs)
    5,800 Buyers closing costs
    11,073 Commission
    -------
    About 36K profit :)
    ------

    I pay my realtor well, due to the fact she chooses colors of walls, materials, stagging and other things that come along the way. Thats why my commission is high, but there is nothing like a girls touch.... HA HA ....

    0Reply
  • Jon Holdman
    Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
    17y

    Does your buy price include the purchase closing costs? How did you finance this deal? Congrats on a great deal.

    0Reply
  • Timothy Brillant
    OP
    Investor · Topsham, ME · Member since 2009 · 34 posts · 1 vote
    17y

    Yes my buy price does include buying closing costs, I finance through TD Banknorth.

    Thanks... Might just be luck on my first deal ha ha

    0Reply
  • Jon Holdman
    Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
    17y

    Where are the money costs in those numbers? Seems like hard money would cost about $15K on a deal like this. Were you using some of your own cash?

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  • Timothy Brillant
    OP
    Investor · Topsham, ME · Member since 2009 · 34 posts · 1 vote
    17y

    I used TD Bank, They're not a hard money lender... I had to put 30% of the purchase price down. I have a very STRONG relationship with the bank, the amount on deposit is so large they bend over backwards, I get rate exceptions and I get penalties waived. I would highly recommend them, they’re moving through out the East Coast. Once you get in good with a Commercial Loan Officer you're golden. Just goes back to the parts of building a good team ... Relationship with the banker is better than my love life relationship HA HA

    0Reply
  • Ana Hyler
    Lincoln, NE · Member since 2008 · 249 posts · 46 votes
    17y

    Congratulations ! Good deal. The comission actually is not bad, in my area we pay 7% of the sales price, so if you would have sold that here...you would have paid $15260 in comission. Good job on the great profit ! keep it up !

    0Reply
  • Joe Salimao
    Real Estate Investor · Blackwood, NJ · Member since 2009 · 79 posts · 10 votes
    17y

    When you say commission is that the buyers and your realtors commission? I thought this was usually around 6%?

    Also, if you do just a flat fee listing do you still have to pay 3% to the buyers realtor?

    0Reply
  • Timothy Brillant
    OP
    Investor · Topsham, ME · Member since 2009 · 34 posts · 1 vote
    17y

    6 to 7 is average in Maine.... Yeah thats what Ana is talking about I'm sure... 7% split between buyer and seller agent.

    0Reply
  • Adrian Chu
    Real Estate Broker · Seattle, WA · Member since 2014 · 1k+ posts · 427 votes
    11y
    Originally posted by @Timothy Brillant:

    Just completed my first flip, made 36k in 120 days.

     Sounds like a great success story. How are things coming along for you?

    0Reply
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