I did it, my first flip!!!

23 Replies

I just wanted to extend a big THANK YOU to all those selfless mentors out there really helping us newbies and this website for motivation and advice.

I’m writing this post about 2 months after my close and 3 weeks away from my next!!! Also to let others know it's tangible, it can be done! Now I’ll say this, IT WAS NOT EASY, and It’s scary but, not the bad scary, more like the roller coaster exhilarating kind of scary. I was overwhelmed and stressed a lot with working a full-time job, staying on top of contractors, and staying within budget.

Now I have been a looooong time lurker and tire kicker when it came to REI. I read all the books listened to all the BP podcasts but didn't do anything about it. Finally one day I was like F it. I'm tired of being the guy who always talks about it and I'm going to do something about it.

I found my deal by driving for dollars, hand writing hundreds of mailers, and sending them out.

Traditional financing on the property, but it was in such poor condition I had to get a contractor fix it up a bit before I could get a loan on it.

Private money for the rehab.

Took about 6 months from purchase to sale.

Good luck out there!

Wow! Congratulations, the house looks amazing!

Originally posted by @Alex Huang :

Mind sharing the numbers?

Rough numbers

Purchased 100k

Rehab 40k

Overages 3k

Holding cost $825 for 6 months

Private money 4k

Sold for 209k

Profit roughly a little over 50k

Originally posted by @Steven A. :

Now I have been a looooong time lurker and tire kicker when it came to REI. I read all the books listened to all the BP podcasts but didn't do anything about it. Finally one day I was like F it. I’m tired of being the guy who always talks about it and I’m going to do something about it.

Awesome job! I really like that you said F it and decided to take action. Because you decided to take action, you're quite a bit wealthier!

Wow great deal - and I love the pictures - great job

Well done! We're working on our first right now. Just closed on the purchase last week. Your story (and pics) are inspiring. Thanks for posting!

excellent job!

Congrats keep up the great work!

Good one. mind sharing the private lender you used ???

It’s stunning. Congrats 😊

Wow, good job.  50K profit is great for a $100K flip.

Great job Steve!!! Keep up the great work... Onward and upward brother!

Btw... I used to live in Charlotte, just out of curiosity what part of the city is this... is NoDa still the hot spot?

Congrats @Steven A. .  I remember looking at this property before you started- incredible transformation :)

Originally posted by @Shawn Gibson :

Great job Steve!!! Keep up the great work... Onward and upward brother!

Btw... I used to live in Charlotte, just out of curiosity what part of the city is this... is NoDa still the hot spot?

 Its on the westside of Charlotte, NoDa is too hot to find a deal 

Congratulations!! Did you take out a hard money loan and then go get the conventional loan to pay the seller? How was the agreement set up where you fix the house and then pay the original owner of the property (if that’s what happened)? Also, did you have to wait a certain amount of time with the conventional loan before selling it?

Congratulations! Can't wait until my first deal. Inspiring!

Great job. Mind sharing the private lender you used?

Congrats on your first flip! The new place looks great! Would love to hear some of your main obstacles.

Great job! Nice pics.

Wow, great job!! Thanks for sharing, I’m getting close to the F it moment myself!

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