Share Your Success! Pics, Flips, and $$$

491 Replies

The property was sold last Friday. One day on the market with $740K cash offer. Here are the final numbers on this flip.

PP: $570K

Rehab $72K

Sales Price $740K

Minus Commission/Closing $30K

Profit $68K

https://www.flickr.com/photos/[email protected]/sets/72157661641790511/show?rb=1

My last flip was in Walnut Creek, CA.  

Purchase price: $752,500

Rehab: $128,000

Realtor commission: $58,000

Loan costs: $68,000

Insurance, taxes, utilities, staging: $12,000

Closing costs: 3,500

Sales Price: $1,155,000, closed December 29th, 2015.

Net: $133,000

Touched every surface inside and out.  Moved a couple walls, remodeled two bathrooms, added a third bathroom, remodeled kitchen, new windows and doors, added a window, resurfaced pool, landscaping front and back, added a back patio area, interior and exterior paint, roof repair, termite treatment, new flooring throughout, etc, and some surprises when opening up walls and floors.

Sweated for a month with no offers then got 2 full price offers the same weekend.

  

 

 

I don't feel white appliances are making a comeback but since they already had a brand new white stove I decided to go in that direction.  With the light cabinets I knew it would look good anyway.  I honestly don't remember the brand.  I buy whatever the best looking thing is I can buy at Home Depot and or Lowes.

I did not negotiate at all because I did not want to risk losing the deal.  

It was brought to me by a wholesaler.

@Rich P. believe it or not this was bought from the MLS. There were several offers and ours wasn't even the highest. The house was inherited and the owners were concerned about their ability to remove everything within a standard 30-day close window. Since our offer included "dealing with everything" left behind they accepted. Among other things, there were a few bottles of champaign in the fridge. My wife and I cracked one the night we sold. Tasted great!

I'm looking for more in WC, and parts of Concord and Pleasanton by any and all means.

@Joel Sherlock I think you win UGLIEST "before" shower EVER. Was that tile? That is hand's down the ugliest tile I have ever seen, and I've seen a LOT of ugly tile. Those 70's were so unkind...

I just started a thread called House flipping version 2.0 about a house we flipped in Austin.

Pictures and details are in that thread.

We listed it yesterday morning and had an over asking offer by midafternoon with 2 more offers today.

In short, it is selling for $35k more than we anticipated when we bought it.

Just bought a 3/2 SFR in Dallas today that meets the 2% and 50% rules, has about $25K+ in ARV equity... all from my living room in Northern California thanks to my Task Rabbit remote assistant! Befores and afters to follow once I get the rehab completed.

Updated almost 3 years ago

Thanks to the recent up vote from @Rami Shahmram, I am glad to say the rehab was completed and the unit rented after just one showing. Search me out for befores and afters.

This is one of my favorites.  It's a rental not a flip.  

Type: 3-Fam, 4,900 s.f.
Year acquired: 2012, rehab took 5 months
Cost: $200,000
Rehab: $215,000
Monthly rent: $4,700 (below market)
Montly CF: $1,400
Appraised value (11/15): $660,000

The house was a hot mess!  Had to do everything over top to bottom.... heating, electrical, plumbing, windows, de-leading, porches, 3 new kitchens, 3 existing bathrooms, 2 new bathrooms, etc.

Before pics are top left, after pics are bottom right...

Originally posted by @Mindy Jensen :

@Joel Sherlock I think you win UGLIEST "before" shower EVER. Was that tile? That is hand's down the ugliest tile I have ever seen, and I've seen a LOT of ugly tile. Those 70's were so unkind...

 I felt it was my civic duty to remove that tile! 

This was my 1st flip. It had a foundation issue so I arranged for the foundation contractor to come to the site with me on the day of showing and he gave me a bid on site. I did a complete rehab on the property. I got in contract before I finished (I would never do that again). I over improved the property but still made money. Purchased for $50k - Rehab $53k - Sold for $145k (paid only 3% commission) - Profit $35k . Purchase time + rehab time + closing = 4.5 Months. Would have been faster but had a TERRIBLE contractor that I fired :-) I have a crew of 3 guys who did all the work (subbed out certain things etc)

@Nelson Del Castillo yeah I used professional photographs for the listing. I appreciate the compliment. I really enjoy the design phase of my projects. Although it has gotten me into trouble in the past by spending too much. Ya hard medium to find what looks great and doesn't cost you to have budget overruns 

My first flip wasn't really intended as a flip.  Purchased a 2 bdrm condo in a MidCentury Modern hi-rise that I intended to live there myself.  Got a private money loan for the purchase price, then used my own funds for the remodel.  It was a nighmare!  Among other things, I went thru 2 different contractors - the 2nd one said they could have it done in 3-4 weeks; 14 weeks later it was still not finished so had to fire them also and get someone to fix all the things they done sub-par work on, and finish the last few items.  Since I went over budget, I have it on the market now so I can pay back the loan and re-coup the money I put into it.  I work a regular, full time job and trying to do this remodel off-hands was draining me, lol.

Before:  https://goo.gl/photos/Qc7t4fE5FpSwKyuS6

After: https://goo.gl/photos/T8S6RBKzyn2pBheQ6

Hopefully it'll sell soon!

Everyone is amazing!  What great flips. I am an Interior Designer that is beginning my investor business. Thank you all for sharing! its wonderfully encouraging. I'm in Dallas with lots of opportunities. I love knowing we are all in this together......Keep Sharing!

All the other have been fix and flips, so I will post a mobile/land flip.  Land is many times more risky than housing, but can have a larger upside for sophisticated buyers.  

Bought 2 mobiles on 3 acre lot in Wildomar, CA at Riverside County tax auction in Spring 2014 for $135k.   Knew I had great deal right off but not sure of exit strategy.  One mobile was occupied and in terrible shape, other was vacant but had been rehabbed.  Cash for keys on existing tenant.  Takes about a year to clear tax lien auction title in CA, so in meantime I developed exit strategies.  Researched idea of subdividing, since zoning and general plan allowed parcel map subdivision into four lots.  Or I could just split lot and sell each mobile with 1.5 acres of land.  Meanwhile, I approached owner of adjacent commercial property to see if he had a use for this 3 acres.  He was interested right away, but at lower price than I wanted.   We continued talking while I worked on rehab and subdivision strategies   Ultimately, he decided to meet my number and bought entire property in Fall 2015, 18 months after acquisition for $325k.  

Basis about $150k.  Sales price $325k.  Profit $175k in 15 months.  

I have SFR fix and flip examples too, but none of them are this profitable.

Ok, this is a bit of a long deal, but follow the numbers.. 

Bought a house in decent shape for $9,000.00. Had two giant garages out back.. It's in a bit of a rougher area, but those garages just really sealed the deal... It needs work, but It's livable.

I put 1k into cleaning it out(40 yard dumpster) and bringing my electrician in to make sure the wiring was okay..

I sold it on contract to a young woman for $3,000 down, $40,000 purchase price, at 8% interest over 15 years. 

After 6 months of seasoning, my buyer had been making her payments on time. I sold 5 years of the contract for $16,641.90 to an investor who will make 10% interest over 5 years... At the end of the 5 years, I will still have 9.5 years left of earnings at 8%.

So 3k downpayment + $16,641.90 5 year selloff  - 10k investment = $9,641.90 + 10 years at 8% interest... Not bad! 

Thinking about it now, I might have been better off just offering a private lender 8-10% for a loan and put a lien on the property instead of guaranteeing the loan in case the buyer defaults.

Originally posted by @Maricela Chavez :

I bought a home for 47k put about 60k into it. I have listed it for 180k. Got full price offer 3 days later after listing it on Zillow for sale by owner. I am going to pay 5400 in commission. If it closes I should make about 67k. It needed sooooooo much work! It really did turn out beautiful! It was basically down to the studs. Everything is new. Now I'm thinking I may have underpriced it. Not sure how to add pictures on here from my Cell.

 Don't worry too much about second guessing your sale price.  The name of that game is "Flip It" and you did!  Great job!

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