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

492 Replies

@Karen A. It was simply a new construction home where you could work for down payment, so I did that. I just checked in everyday and asked a lot of questions to make sure things were moving along and going the way I wanted, so in a way, I was kinda managing the whole project. The construction company already had all their team and sub-contractors in place, but if I didn't like the price I would shop around to find better deals with other companies. All I did manually was the flooring, painted the interior of the house, installed the bathtub surrounding, shopped for the custom-made kitchen I wanted and used the allowance they provided to buy whatever else I wanted for the house. Most of the fixture for the house I bought on amazon. I took a lot of the work out of their hands and made it my responsibility. Anything extra I wanted I would have to add from my own pocket, but I had extra cash to use as necessary. Like I said before, you just have to negotiate things and see if it's a good fit. It worked out for me, not sure if it would work out for everyone. Hope that clarifies things a bit more.

Originally posted by @Levi T.

 typical ugly house...a gold mine for the contrarian that sees rehab potential.thanks for sharing

it was also great to learn in other posts about hours expended on rehab versus profits made and rehabs on the high end properties

Great flip Kevin. I live in South Florida. Here, we have many HOPA communities. I'm happy to see rehab/flips in that market. Your flip gave me a few ideas for my area. Keep up the great work!

I started a great new project in the heart of the city of Riverside in California.  This 4 bedroom 2 bath 1560 sq ft home has a small 180 foot cut out back porch we will be filling in to inclease our over all sq foot.

I purchased this home from a wholesaler I met at the Inland Empire Real Estate Club for just under $177,000 and the construction budget is $43,800. This home was originally purchased by the seller in 1961 and vertically everything must be updated and made new.

The addition is really just filling in a outside wall and pulling the wall down between the existing porch and dinning area.  The biggest change we have done is pull the wall down between the kitchen and frontroom.

The rest of the project is simular to what we normally do.  New cabinets, doors, scrape ceilings, retexture drywall, wood floor, tile floor, landscaping, driveway, heating and air conditioning, paint inside and out, base molding, refinish tub and shower, new tile wall over bath tub, light fixtures, and many other things.

We have sold comparable homes for $350,000 this will be a very successful flip for us, makes it hard to say no to flipping.

My most recent flip was a 2 bedroom, 1 bath home in central Ohio just north of Columbus. I contracted the job but subbed out all of the work.

Purchase price- $11,000
Rehab- $39,000
In contract for $69,000
Net profit- $16,000

I just wholesaled the ugliest burnt house on the planet. I didn't put any earnest deposit down. I met seller, I listened to his story of how his house caught on fire and the Red Cross helped him out.   Then he told me all about himself and we found out we had a love for old 60's music like the Turtles.

He wanted 30K for his burnt property

and I told him it was a lot worse than I thought. We ended up agreeing on 18K purchase price. I sold it for $24,000 to a rehabber that purchased one of my junkers last year.

He paid closing costs and I picked up a $6,000 Check from the Title company.

I have several other deals in escrow and just got 2 on contract this week and have one sold already that will pay out $11,500 my partner and I will split that one for $5,750 each. We went halves on a direct mail campaign and got 3 deals out of it and tripled our money, and now we got this one which comes from that mailing about a year later.

Let's make some Money....

Rando 

Just wanted to quickly share one of our recent BRRR success stories. We purchased sfh 3br 1bath for 22k. Rehab costs 15k. Appraisal came in at 60k. We were able to walk away with about 5k after closing costs and just put a tenant in the home paying $1100 per month. That home is set to pay itself off in a little over 5 years after maintenance, taxes and insurance costs.

Purchase- $525,000

Condo Conv + Construction- approx $500,000

Sale Price- 2.45 million

Profit after commissions/ interest paid- Approx 1.3 Million

This four unit condo conversion took 19 months to complete and definitely came with huge headaches but was all worth it in the end. 

It had 4 parking spaces in the back and 5 storage units in the front half of the basement. 

I've been doing this a long time and could share some interesting and profitable investments but one of my most interesting from this past year is a little house I bought that never hit the market.  A friend new what I did and how quick we can close so he recommend his best friend to me. She had a house that sat empty for 3 years while she kept it up and kept utilities on through a divorce and what she thought was a foreclosure on a $98,000 loan. Sometimes banks won't foreclose on houses here in Toledo and to her surprise they forgave the entire note and she owned it free and clear. She sold it to me for $18,000 we had a total of $25,000 in it and sold it to a cash buyer for $58,000. We netted $25,000 on a house we were not even looking for. Fun stuff!

I love the stories. I haven't flipped a house, I do plan on doing it at some point. Thank you all for sharing and I'm hoping one day I'll be on this thread sharing my success stories.

Not as impressive as some of the others, but here's mine:

Story: Bought trailer from a distressed seller for 10k through recommendation of a friend. Cash deal and the lady just had a for sale sign. Place was a typical dumpy trailer, but in an upper middle class neighborhood and had a super convenient location. I have no before pics, but just imagine walking into a trailer and getting hit with that "musky trailer" smell, everything is dirty, and everything is orange because the tenants smoked in it. That's what it was like. Not too bad, but was a pain to clean.

After

The only thing wrong with it was the electricity. Paid an electrician to re-wire everything for $1000. Redid the floors for about ~$1000, painted inside and out, and lastly planted a few bushes outside.

I'd say it's AT LEAST 30,000 plus now. Rents for $425 easily. I work in a real estate office, so the property manager here helped me with the screening process. Set the price a little low to get a flood of applications. Got a nurse that's a single mom (thank god) and good credit.

I had so much fun with this deal that I started working in real estate! Now live in a condo that I rent out to others! I got REALLY lucky on this deal because now that I look back I had no idea what I was doing.

Hey BP!! Hope everyone is having a great day, just wanted to share my FIRST FLIP story! I will try to keep it short and to the point. I do have a business partner who owns a flooring and window company, so he does that side and I am the agent so more of the RE side just to give you an idea.

I bought a foreclosure on Hubzu which was an interesting experience, but glad I went through it to learn how that works. The property was a foreclosure that the previous owner flooded himself right before he moved out. We decided to take on the task and bought the house with our own cash. We both have a Line of Credit with our Bank for a certain amount. We did run in to one bad contractor which was the granite guy who screwed us out of about $3000-$5000 which was unfortunate, but a learning experience. 

CLICK FOR VIRTUAL TOUR!

Purchase Price = $166,000 

REHAB = $40K (includes interest for Line of Credit / taxes / how fees)

BUYER COMMISSION / CLOSING COSTS = $12K

LIST PRICE/SOLD PRICE = $249,000 (OFFER ON FIRST DAY)

PROFIT = $ 28K-$31K (Have not closed yet so not sure if any other costs)


I am a new investor in San Antonio, so if you have any advice or anything that can help please let me know! thanks for checking out my story!

Thanks again everyone!

@Jeff Pollack you are the one those pictures belong to... I was looking through them the other night and was too stunt to acknowledge the person that made it happen. Great work, detail and finish, I am a fan, and this is exactly why flipping is my favorite RE strategy. Thank you for sharing.

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