First Flip Done!

34 posts by 27 users

Medium 1440432928 avatar drobertson David Robertson
Real Estate Investor from Kansas City, MO
239 Posts
74 Votes
4 Awards

David Robertson Verified Video

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
Telephone: 816-388-0197
Website: http://www.houseflippingspreadsheet.com


Medium 1399319639 avatar memphisinvest Chris Clothier
Investor from memphis, TN
1283 Posts
1062 Votes
15 Awards
Medium 1399653703 avatar angelfinanceinc Angela D.
Real Estate Investor from Union City, GA
13 Posts
0 Votes
1 Award

Angela D.

Real Estate Investor from Union City, Georgia

Sep 28 '12, 08:44 AM


Congratulations!!! your renovation choices were fantantic.



Medium 1399589663 avatar micr0 Manuel A.
Rehabber from Albuquerque, NM - New Mexico
282 Posts
34 Votes
4 Awards

Manuel A.

Rehabber from Albuquerque, NM - 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 Video

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
Telephone: 816-388-0197
Website: http://www.houseflippingspreadsheet.com


Medium 1399605461 avatar davemeyer Dave M.
Residential Landlord from Chicago, IL
356 Posts
68 Votes
4 Awards
Medium 1448388867 avatar rei milw Jenkins Ramon
Milwaukee County, WI
3393 Posts
391 Votes
7 Awards

Jenkins Ramon Donor

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



Jenkins Ramon, JMWPS Ventures, LLC
E-Mail: [email protected]


Medium 1448323426 avatar jasonscott J Scott
Investor / Business Guy from Ellicott City, MD
15817 Posts
12301 Votes
15 Awards

J Scott Verified Moderator Donor

Investor / Business Guy 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


David Robertson Verified Video

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
Telephone: 816-388-0197
Website: http://www.houseflippingspreadsheet.com


No avatar medium Scott W.
chicago, IL
1027 Posts
130 Votes
4 Awards
No avatar medium Brent F.
DE
9 Posts
0 Votes
1 Award

Brent F.

from 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..



Medium 1435633637 avatar graimalkin Jessica B.
Investor from Phoenix, AZ
36 Posts
8 Votes
1 Award
Medium 1434819274 avatar ilikemoney Rob K.
Investor from Southeast, MI
2289 Posts
1400 Votes
7 Awards

Rob K.

Investor from Southeast, 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!



Medium 1448387383 avatar kmarie K. Marie P.
Investor from Central Valley, CA
6069 Posts
3608 Votes
8 Awards

K. Marie P.

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.



No avatar medium Corey Fishbein
Wholesaler FL
29 Posts
1 Vote
0 Awards

Corey Fishbein

Wholesaler from Florida

Sep 28 '12, 06:57 PM


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



Medium 1448388825 avatar stevebabiak Steve Babiak
Real Estate Investor from Audubon, PA
11752 Posts
5885 Votes
12 Awards

Steve Babiak Verified

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?



David Robertson Verified Video

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
Telephone: 816-388-0197
Website: http://www.houseflippingspreadsheet.com


Medium 1399525082 avatar towerproperties David Tower
Real Estate Investor from Keller, TX
118 Posts
35 Votes
2 Awards
Medium 1399598017 avatar hctauqsas Richard Evans
kingman, AZ
37 Posts
13 Votes
1 Award

Richard Evans

from 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.



Medium 1399650319 avatar greg901 Greg B.
Real Estate Investor from Syracuse, NY
15 Posts
0 Votes
1 Award

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