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

491 Replies

I just bought two flips this week , one of them does not need much work on it may be just the paint and carpet and bought for $90000 and may be $7000 on rehab and ARV $129900 and the second bought at a sheriff sale for $46201 and needs about $15000.00 rehab and ARV $75000.00. It is just an estimate and let us see what happens next. I will come back and post the result once sold.

This was my 4th flip. We negotiated on the price to buy for $186000. Did all the work in house with my family who is all carpenters. The 3 of us worked 5 weeks 16 hour days and the finished project turned out amazing! Here is the link with before and after pics. She lasted 2 days on the market before having a full price offer. We are still filling out the paper work but a purchase of $186,000. Rehab cost of 17,000. With a gross profit of $57,000! 

http://www.zillow.com/homedetails/4100-Sw-Flintroc...

For all you flippers in the Kansas City area and Denver area I do custom terrazzo countertops. Mention bigger pockets and we an give a discount off the total project. 

@Bill S. of course not I was generalizing, so To go in more detail. Each family member was between jobs (they are superintendents). Each spent about 15 days on the project while I was there full time. Each got $6,000 a piece.($25 an hour) So $186,000 purchase, $29,000 with materials and labor with gas and food included. Sales price of $260k. Gross, $45,000, minus realtor fees ..leaving me with  $30,000 for 5 weeks of work, 5 days a week or an average of $75 an hour. 

Here is one we just listed, a fairly standard rehab:  

Purchase - $75K

Rehab - $35,700

Holding costs - $4,100

Buy/Sell costs - $11,600

List Price - $149,900

It's listed $5-$10K below comps so hoping for a quick sale.  

BEFORE:

     

      

AFTER:


     

     

      

My first flip was when I was in my late 20s.  I purchased it for 222K on a short sale,  held it for 1 year doing all the newbie mistakes you can think off.  It was a complete gut out, but at the end I couldn't believe I made profit.  I ended up selling it for 336K a year later.

I'm on my 2nd flip now and currently negotiating a pocket listing sale.  Fingers cross I get this.  I'm planning to do a blog every step of  the way here or on my blogging site:  

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.

 great job.  was this a single family what area was this 

Ok.  Here are my results on the rehab I'm closing on today.  I decided to do this instead of my productivity tip (I'll come back to that tomorrow).

Purchase Price = $45k

Down Payment (hard cost) = $9k

REHAB (hard cost)= $12K

HOLDING COST = $2K

LISTING PRICE = $99,900  

ACTUAL SALES PRICE = $98k

BUYER COMMISSION/CLOSING COST/TITLE FEES/MORTGAGE PAYOFF= $49k

PROJECTED PROFIT = $47K - GROSS  

Huge learning experience, but I don't think it could've really turned out better.  Beautiful when it was completed.  Got an offer from the first person that walked through it three days after we listed it.  Probably priced it too low, but we wanted to stay under the 100K price point to increase our pool of buyers.  I'm happy with the result.

Truly inspirational stories. I'm contemplating on selling my first house over the next year or so because I no longer live in the same area. The house could really use some upgrades and artistic touches before selling. I'm born with artistic gene deficiency, any advise from the experts on a magical formula to shine up a house?

this was a hoarder house that took us way longer than we wanted because we have college rentals turning over and also finishing another flip . i think we were about 10 months , part of the reason was i found a gold coin the first 2 days going through stuff ,and wanted to look at everything , that was pretty much the only valuable in the place :( did find some cool historic things from war , but not much value . we paid about $150k , we put in about $70K ( including trash removal, taxes, holding costs ) and sold for $293k .

Originally posted by @Kevin Fletcher :

Id be happy to share my last deal. I bought a condo in a retirement community for a flip, and the purchase closing which I did with my own Real Estate license was closed on December 18th of 2016. After getting all of my plans approved through the HOA I started the demolition on the 27th of December. I used contractors through the whole process and it was the first flip I have done with out doing any of the actual physical labor myself. I did design and buy all of the finishes and delivered most of them to the job site, but for the first time it was a relatively hands off experience. There were a lot of problems, as there always are but I am really excited with the finished product. I finished the rehab on the 19th of February and I just listed the property on the MLS. This is also will be the first project that I have bought with my license, project managed, designed, funded, and sold by my myself from start to finish.

Below are some numbers on the project and photos. 

Condo 2 beds, 2 Baths, 1200sqft.

Purchase Price = $153k   $158k- $5k (waived commission)= $158k

REHAB = $28K

HOLDING COST  = $3K

LISTING PRICE  = $232,900

BUYER COMMISSION/CLOSING COST= $10K

PROJECTED PROFIT = $38,900

BEFORE PICS

AFTER PICS  CLICK THE LINK

http://tours.virtuance.com/471780

NICE!

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My last and best flip based on % profit to date…….1100 sq ft ranch... 3 bed 1 bath

Purchase Price - $19,000 (Wholesaler)

Total Rehab – $38,000

Back taxes - $3,000

Sales Price – $130,000 (contingent)

Closing Costs – $9,000 (commission, credit, prorated taxes, etc..)

Debt cost - $0 (investor provided capital)

Net Profit – $61,000 (projected)

Completion Time – 4-5 months

Some of my top deals, based mostly on $/hour criteria.  Note the $/hour does not include all the deals that I analyzed and passed on to get to the good deals.  It also does not account for the many hours spent in my van driving to these far distant homes.

My average hourly rate is 250/hour.  I have had a handful of deals I spent hundreds of hours on and made nothing.  I have never lost money on a flip.

*********************  Deal 1

Kunkletown, Pa - County courthouse foreclosure

Purchase Price 10k

Rehab 5k

My time - 60 hours

Sale price 120k, anti flip law forced second appraisal which came in at 113k.  Discounted it at 113k to make the deal happen.

Hold time 7 months - crazy amount of time to close.

Profit 88k

Pay rate $1500/hour

*********************  Deal 2

Sayer, Pa - County courthouse foreclosure

Purchase Price 4k

Rehab 0k

My time - 8 hours

Sale price 32k

Hold time 4 months - crazy amount of time to close.

Profit 29k

Pay rate $3600/hour

***************   Deal 3

Sinking Springs, Pa - County courthouse foreclosure

Purchase Price 24k

Rehab 0k

My time - 8 hours

Sale price 84k

Hold time 14 months - Rented to previous foreclosed owner, for a year, then her son got a mortgage and bought it back from me.

Profit 77k

Pay rate $4500/hour

***********  Deal 4 *****************

Weatherly, Pa - County courthouse foreclosure

Purchase Price 17k

Rehab 0k

My time - 10 hours

Sale price 38k

Hold time 6 months.

Profit 34000

Pay rate $3400/hour

*********** Deal 5 *****************

Worster, NY - County courthouse foreclosure

Purchase Price 5k

Rehab 2k

My time - 50 hours

Sale price 42k

Hold time 2Years.  Rented to previous owners - then booted them

Profit 42k

Pay rate $840/hour

*********** Deal 6

Athans, PA - Purchase flood home off of facebook

Purchase Price 16k

Rehab 6k

My time - 100 hours

Sale price 52k

Hold time 3 Years. Rented for 1200/month - Gas guys

Profit 50k

Pay rate $500/hour

*********** Deal 7

Moscow, PA - Courthouse foreclosure

Purchase Price 90k

Rehab 2k

My time - 15 hours

Sale price 173k

Hold time 6 Month

Profit 67k

Pay rate $4400/hour


$16k PIG TURNED INTO $84,900 PORK CHOP


PURCHASE PRICE = $16K

DOWN PAYMENT (private lender financed) = $3,300k with payments of $371 (PITI)

RENT (purchased with tenant in place) = $565/month, tenant pays all repairs

Tenant occupied residence for 3.5 years

REHAB (after tenant move out) = $12.5K including new aerobic system

SALES PRICE = $84,900 W/ BUYER PAYING ALL CLOSING COSTS

OWNER FINANCED WITH 20% DOWN AND A NOTE FOR 20 YEARS AT 12%.

PROFIT = RECEIVED $9,100 AT CLOSING SO I’M UP $1,500 ON THIS DEAL AND WILL RECEIVE PAYMENTS OF $750/MONTH FOR THE NEXT 20 YEARS

HAPPY INVESTING!

Originally posted by @Nik S. :

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. 

Nice work!! love the shower especially. We did a similar house in Hudson recently, major foundation issues as well.

http://www.zillow.com/homedetails/1557-Callander-D...

This is my latest flip. I purchased the property on a online auction site. Most of the work was trash out and updating. Put on a new roof, new HVAC system, added a master bath, upgraded with granite. With multiple bids, had the property on the market 24 hrs and under contract. 

Purchase price: $19,000

Fix up: $40,000

Profit: $33,000

Before

After

Just wanted to share the good news with my BP Family.  You all told me to Jump, and I said how high!  

I took the leap away from analysis paralysis last week as I have been eye balling an REO during Fannie Mae's First Look. let me tell you.... Those 15 days were the longest day's of my life haha. When it hit the MLS, I was the second offer in, however my MPP allowed me to offer asking price. The first offer turned out to be a low ball offer and I just found out today that my offer has been ACCEPTED!

Here our my Layout:

Actual Purchase Price: 93,900 ~4,000 less.
I know we can sell it for 194,000.00 but we will go a little above comps.
Fixed/Holding Costs around 26,340/@6 Months
Rehab Costs: 40,000
Leaving a profit of 30,000 for our first flip

If we stay firm on our Rehab costs, and we sell higher than comps (Perfect world) We may make close to $40,000 or $50,000.   Wish us luck!

Our last question for you is.... What's next?  Does anyone have a process laid out on the steps after the offer has been accepted?  J Scott has a process list from his first book that I have outlined, but want to hear if any others have amended to that list and or found something that is easier?

Looking forward to everyone's responses!  Happy Flipping!

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