Very first flip - COMPLETE!

247 Replies

Hi everyone,

My partner and I just completed our FIRST FLIP and we are so excited about it!!! We have both been in construction for nearly 10 years now, and have been talking about trying our hand at our own projects for awhile. Well, we finally took the leap and it was worth it! It was not easy, but we are so glad we did and now we cannot wait for the next one!

$163,000 - Purchase Price

$133,000 - Total Cost (Reno & Operating Expenses)

$17,000 - Commission

$378,000 - Sale Price

$65,000 - Profit

21% - ROI

The project took about 6.5 months. 3 bed, 2 bath 1,400 sq ft single family house outside of Greater Boston. Take a look at the photo's and let me know what you guys think! Also, a big Thank You to everyone who is a part of this great community!

Updated 6 months ago

UPDATE! I hope this helps answer some of the questions that have been asked so far. If anyone would like some additional info feel free to message me! Thank you all so much for the inspiration & encouragement! And for anyone reading this and having trouble with their goals DON'T QUIT! IT WILL HAPPEN! KEEP PUSHING!!! - The rehab took 6 months mainly because my partner and I were managing the project on nights & weekends (we both still have full time jobs) - We bought it the old fashion way, it was actually on the MLS. It was a foreclosure which apparently no one else liked very much... It had been posted for about two months before we found it, and it took another month of negotiating before our offer was accepted. - We didn't have any reno comps to go by. We mainly relied on our construction experience to estimate the cost of work - The biggest $$ surprise honestly was probably the finish carpentry. It was about $17k to re-trim the entire house, hang cabinets, replace doors & windows and some other misc items. - I can provide a budget breakdown if anyone would like. Just PM me! - We did not replace the roof. All electrical and plumbing was completely re-done. - We purchased in cash, no mortgage. The reno was funded through our private investor. - The town is Maynard, MA - We did a little of the work ourselves, (demo, rough carpentry, and some misc odds and ends here and there). 90% was subbed out - We kept the radiant heat because we felt it would be cheaper than re-running a whole new system. In hind-sight, I'd say this is the one thing we would certainly have done differently. Thank you everyone!!

Man I love when the before and after pics are shared on here. You and your partner did an awesome job with the cosmetic finishes...I personally love how inexpensive recessed lighting is and the dramatic difference it makes to a space. Great job and congrats on the ROI!

Thanks for sharing, you did a fabulous job!

Looks great. Great attention to detail.

Great job. the transformation is amazing!  You should be proud of yourselves.

Amazing Job Steven, congratulation on your first flip. Thank you for sharing pictures

Man... Seems like so much work. Not knocking it though. Nothing but respect... Congratulations!

Awesome!!! Rehab was done with good taste. Just wondering why so long on the rehab?

Congratulations!  Thanks for your sharing!

Love the before an after pics, has a lot of shock factor!

Looks amazing, good job!! I'm simple in that my favorite part is the built-in cabinet in the dining room. Never underestimate the power of good (and attractive) built-ins!

It looks amazing, thanks for sharing the pictures. Congrats all over!! 

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Very nice!  And thanks for saving that stair post/rail.  Couple of questions if you will:

1.  How did you buy it?  Auction?  

2.  Did you have solid renovated comps in the area to go by?

3.  How did you do with overall expected reno costs?  Were there any sticker shockers?

Thanks!

Great job! Loving the curb appeal and the hardwood, looks awesome!

Look awesome! Could you give a breakdown of the reno/opp  cost?

Great Job Steven!  Love that you guys had the vision to bring this “tired” looking house into a vibrant, fresh looking home!  Congrats!

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