My second flip (Pictures and Video)

16 Replies

@Shelton Love ,

Being only my second flip, I wasn't looking for the spread I would want to make on a flip today.  The numbers were not the greatest and I did not keep records like I should have.  The rough numbers were something as follows.  All in all it was a great learning experience!

Purchase Price: 19,000

Rehab Cost:  20,000

Sale Price: 67,000

Oh wow! Hard to believe this is the same property. You'll still net $15-20k, right? Not bad, not bad at all. Are you looking to sell this baby off or hold it for a while? Amazing work @Kyle! 

Great job! Love the wood trim on the ceiling - nice touch. That is a great rehab for 20k. What kinds of things do you do to minimize cost? 

Originally posted by @Shelton Love:

Nice, very nice. Now the numbers, you know we gonna wanna know the numbers. 

 That's great, you will get better and more organized with time. The work, the details look great, from a 19k to a prince. I'm sure the nerbors appreciated your improvements. 

Much success to U

Awesome Sauce. 

Originally posted by @Kyle Grimm :

@Shelton Love,

Being only my second flip, I wasn't looking for the spread I would want to make on a flip today.  The numbers were not the greatest and I did not keep records like I should have.  The rough numbers were something as follows.  All in all it was a great learning experience!

Purchase Price: 19,000

Rehab Cost:  20,000

Sale Price: 67,000

Oops my second post should have been here. 

Anywho, great job.  

What type of neighborhood is this? $67k even for a totally rehab'd house seems unheard of and I'm in a very low cost of living area. You did a great job buying low and minimizing your cost. The curb appeal is amazing.

Thanks everyone for the positive comments!  I am going to try to answer some of your questions.  @Jennifer Umbaugh This house was a flip. I only had a for sale sign in the yard for about a week when a younger guy bought it using a VA loan. The flip took about 3 months @Tony SanFilippo .   

@Bill Hinshaw One way I cut a lot of costs is by shopping at a place we have in Quincy that is an investor's paradise.  Lots of marked down items stored in a large warehouse.  You have to dig through stuff but you can save a ton on trim, doors, and fixtures.  Another way I have saved a lot of money starting out is doing most of the labor myself.  I understand I wont want to do this for very long if I want to scale my business. But I consider myself very handy (thanks to my dad teaching me young) so I have taken advantage of it. 

@Andrea Castor This house sat in a neighborhood that the average home prices are around 100k.  This house was the smallest on the block which is exactly what you want.  Looking back, I probably could have gotten closer to 75k for this house, but I am happy it sold fast!  

@Jean-francois Ndomb Thank you sir!  Get motivated and make stuff happen!

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