My first Flip at 18 years old Now On the market!

My first Flip at 18 years old Now On the market!

- · Member since 2018 · 48 posts · 62 votes

As the title says this is my first flip which I purchased at the age of 18. I purchased this property with savings from a prior business that I ran in highschool. This property was purchased for $72,500. The property was a previous rental and needed new flooring, paint, fixtures, kitchen, appliances, bathroom and paint. At the start of the process I planned to keep this property as a rental but quickly realized that it had a fair amount of equity in it that would be helpful in purchasing a larger property in cash next time. The mechanicals were in good condition to begin with all being less than 10 years old. I spent just under $20,000 on the entire renovation by doing a lot of the work myself. For a total cost of $92,500 plus closing costs. I plan to be somewhere under $100,000 including closing costs. My list price is $130,000 which will allow me to walk away with roughly $30,000. I plan to use this profit plus my original investment from this deal to BRRRR some Chicago 3 flats next that way I can move out finally. Overall I learned a lot and enjoyed the process thus far. The one snag in the entire job happened at the end with the tree guy taking 6 days to cut a tree down. Yea 6 days you heard that right. Kevin said you're fired for the first time. Overall just get out there and make it happen. This property would for reference would rent for $1300 a month.

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  • Rental Property Investor · Norwalk, CT · Member since 2017 · 171 posts · 138 votes
    7y

    @Kevin O'Brien Awesome, congrats keep it going!!

  • Rental Property Investor · Kansas City · Member since 2018 · 43 posts · 34 votes
    7y

    @Kevin O'Brien Looks great! How long was the process from closing to finishing renovations?

  • - · Member since 2018 · 48 posts · 62 votes
    7y
    Originally posted by @Grant Doyle:

    @Kevin O'Brien Looks great! How long was the process from closing to finishing renovations?

    Took a month and a half. It would have been nice if it only took a month but next time.

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