Just wanted to share my success story so hopefully others can be encouraged! I decided in January that I was going to form an LLC and start flipping full time. I've done a couple of live and flips prior to this but this is my first true fix and flip. I bought a home in February (which is still on the market) and one in March which just sold! So here is the story on the one that I just closed in March:
I bought the home on 3/10/15 for 99k from the MLS. It was a 4/2 built in 1960 out here in Las Vegas, NV. I'm a licensed Realtor so I also got a 3% commission. It was on the market for 115k for a couple days before I saw it. I put an offer in at 95k with a 3 week close (hard money loan). They countered at 99k and I accepted. The owner was motivated because the tenant reported them to the city for multiple things so they were getting fines and they weren't able to rent it for months until they fixed the issues. I knew it would only cost about 3-4k to get it fixed. The house was move in ready besides those issues.
So anyways to close it I went to two different hard money lenders. I ended up with finding one that wanted only 6k down while charging 4 pts. So I went with that and used my commission to pay some of the closing costs. I ended up coming out pocket about 8k to close. Once we closed I had my contractor fix the issues with the city and a few cosmetic things. it ended up costs about $3500 for everything. I got it back on the market within 4 days of closing. I listed it for 135k and got a full price offer the first day on the market! I accepted and the buyer closed it on 5/3/15.
So it only took 53 days to flip and I ended up making about $23,000 in profit after everything! I definitely have to thank BP for that! Just listening to the Podcasts and reading the forums motivated me to finally start and take action. Hopefully this can motivate someone else!
Congratulations! Best of luck as you continue with full-time flipping
Congrats. It looks great. I love it when a plan comes together. Keep it going.
Great to see a rehab go so smooth. Congratulations !
Congratulations! Awesome job!
That is Awesome! What area of town is this in Ryan? Do you plan to continue doing this?
Great job, what a gem!
Congratulations! That is a great story :-)
What a great story. This should really help motivate people on BP. Congratulations! It looks beautiful!
Congrats! I'm impressed that you found a flip deal on the MLS because that seems to be difficult to do and I'm equally impressed with the speed you got it back on the market. I've been considering flipping some houses myself and working on becoming a licensed realtor. I think you just proved how awesome and efficient you can be with a great deal, a great plan and a license...
Great work and continued success. GS
Several things I would like to point out, but first, congrats!
A deal was manufactured off the MLS by the investor and was accomplished by getting some simple info about the property issues and the seller motivation. $16k of the profit was manufactured by good negotiation skills! Second, the balance of the profits likely came from the speed at which this was completed. From buy date to sell date, 8 weeks from start to finish was key as it saved tons in interest, taxes, insurance, utilities, etc.
It is not easy these days to find a lipstick fix off the MLS and pull down $20k plus profits, let alone $10k so you should also be commended for this as well. Now rinse and repeat, find another motivated seller and get the scoop before others do.
I too am impressed that you found a deal on the MLS in Vegas as I am not having any luck which is why I have been looking elsewhere.
Awesome Job! Congrats!
Very cool, congrats! Working on my first right now.
Congratulations and thank you for sharing!
What the deal with the February purchase?
Sweet! Good job. Thanks for sharing!
Where is this first deal of yours?
Thanks to everyone for all the feedback! As a couple people said it is hard to find deals on the MLS. All I can say is like any deal you have to find a motivated seller and there are some on the MLS. The other flip I have going was from the MLS as well and hopefully I'll make 15-20k on it. I think everything @Will Barnard mentioned was true but another variable left out was the profit made by being a Realtor. I made 3k on the buy side and saved 4k on the listing side. So that gave me an extra 7k in profit I otherwise wouldn't have had. So just in one transaction it shows how valuable having your license can be. I also think it gives the listing agent and seller more confidence that you'll close when you represent yourself as an investor.
@Ross Greene this one was on the west side over on Alta and Jones. And yup I'm doing this full time now. I have one that rehab will be finished Friday and I'm on the hunt for my next ones!
@Ryan Pineda Are all your flips off the MLS. I am very familiar with the area you did this flip in. Do you have any Buy & Hold properties?
Nice work. I am new to the game so these posts help motivate me. Thanks!
@Ross Greene ya everything I've ever bought has been from the MLS. The only buy and hold I have is the house I live in. I do want to build a buy and hold portfolio but its impossible to get the 2% rule out here in Vegas. So once I build up some more capital from the flips I'll have to decide if I want to look in other states to get better returns.
The speed is impressive. You found yourself a nice deal.
@Ryan Pineda...awesome job and it what a deal you came across..
On to the next and best of luck!!
Way to go!
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