First Flip Success in CT
Hi All,
I wanted to share my first flip success on here. I decided in late 2014 in a whim that house flipping could be fun. I went to school for Architecture, worked as a millworker designer/drafted, then in the design field (mostly apartment renovations for housing authorities) followed by a few years working for a commercial general contractor (management end). I have always enjoyed doing my own home renovations and thought I could put all of my skills to use and flip a house.
I was lucky enough to have my parents financially back me on the deal, and avoid the large holding and carrying costs that I could have faced.
I spent a good 3-4 months looking and making offers and got nowhere. I finally found a random house online and went a looked at it. I knew the neighborhood and decided to make an offer. After learning a bit of the dark side of these deals, I got the house under contract for $132,512.00. It was a 1600 SF split with 3/2.5, 2 car garage, and about .5 acres. The initial budget was $39,490.00 in renovations, and possible sale at $229,000.00. In the end I spent $40,492.32 and sold the house for $241,500.00. After all was said and done I walked away right in the $40,000.00 profit range. The house was on the market (summer market also) for right at one month before it sold, and had two solid offers, driving it over the $239,900 asking price.
The house was acquired one 2/6/15 and I listed it for sale on 7/7/15 for $244,900. I dropped the price to $239,900 on 7/23/15 and ended up selling it on 9/15/15 at the $241,500.
I did learn some lessons along the way. #1, doing this part time, after my 55-60 hour a week normal job was tough. I spent 4 nights a week there, from 5:00 to 10:00 PM. I had no heat and worked in a 30 degree house most of the renovation. I spent too much energy on my guest bath tile, and replacing trim that made n difference to the final sale. Other than that, I was happy with the way it all worked out.
Search Zillow for 36 Alexander Dr. In Meriden and you can see all of the photos. I may try and host them online so I can post some before and afters on here.
Thanks for reading!