I've been a real estate investor for about 12 years now and I've been involved in a lot of flips. I don't do upper end houses, mostly just starter home stuff. I know that there are people who frequently make 100k + on flip projects, but those are generally deals that sell for 1 Million plus.
I sent a direct mail piece to one of the owners of this house (absentee owner) and after months of her "vetting" me (see called all of my references, including my attorney!) I bought the house for $113,000. I spent $150,000 on the remodel and sold it for $482,000! After all commissions, closing costs, etc. I had a NET profit of $187,861. This is my highest net profit on a single flip ever.
I made a really cool 5 minute video of the project for my blog. You can check out the video here: http://youtu.be/XoIEY0IrOuQ
Hopefully you find the story more interesting than my kids did! :)
that's awesome.. keep it up.
btw, cool kids. they seem bored. lol
Thanks @George P. ! They were a little bored. My favorite comment is when my daughter says, "did you lose all of your money?" :)
Nice short video, very cool. Only thing that would have made the story better would be if you would have presented the old owner with her old tin toy when she came back to see how you transformed the home. I like what you did to the home. Crazy it took 1yr to renovate.
@Curt Davis Lol, that would have been funny... but I wouldn't have had the extra $445.01. :) Good catch on the timing of the project. It took A LONG time. The city was partly to blame.. but we just couldn't help ourselves either, we kept making it better and better. You know how it is on projects.
@Mark Ferguson I read your success story with the car and it inspired me to post my success story. I haven't ever been very active on BP but I might start posting a few more things. Props on the car!
Thank you Andy! I find it helps to post goals, progress on those goals and then success as well. It really keeps you motivated and accountable.
Nice bedtime story! Awesome job!
@Mark Ferguson You're right.. it's just a little scary right? Because you have to follow through. :) I've recently experienced that in my own little way with the video blog I started this year. I start recording a project and I have to tell the story for better or worse. I have one rehab project that I have put "part 1" and "part 2" our already (on video) and "part 3 is coming in a few weeks, and I'm going to LOSE MONEY! It's hard to admit your losses, but it keeps things genuine. Thanks again for the comment. :)
@James Enright Thanks! It was really fun putting that together. I read to my kids every night so I thought it would be a cool memory and way to record the story. But they probably liked the ABC book just as well.
@Andy M. That's outstanding work.
Congrats on the home run @Andy M. ! Nice video too.
Holy ---- um I mean, wow! Nice job!
@Brandon Luke Lol. Thanks. That's what I was thinking when it came time to list it and we were pulling comps. Boom! :)
@Pedro Plencher & @Mary B. I noticed that you guys are wholesalers, I'm actually primarily a wholesaler. I have a video about an awesome wholesale deal I did to. I think it was titled the "Geno" story. In that video I actually have audio from the negotiation I had with the seller! :)
Awesome work @Andy M. ! Cool little idea to document it like that, too.
Did your comps still have similar numbers after a year?
Great job! Keep it up!
@Joe Demonte Actually the value has GONE UP since I sold it. I bet that is a 550k ish house today. But hey, I was happy to get it sold and the money in the bank.
Awesome! Got to love that.
Thanks @Jeff S. I remember meeting you in Denver at the BP summit a couple years ago. Hope your still doing well!
It pays of to be persistent, @Andy M.
Thanks for sharing the video.
That is so cool! That is a huge number for a flip congrats on all the hard work!
@Andy M. Nice video and good job on that deal. I could imagine seeing you on HGTV one day with your own house flipping show, but if not, I'm sure you will do great in real estate investing.
Wow! I mean WOW! Wow on the deal! Wow on the way it turned out! Wow on what you started with!
But mostly wow on the profit! :)
I always wish I could get an amazing deal like that--or half that--or a quarter of that. But the main thing is to be consistent in getting base hits and bunts. Mostly I get walks.
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