My Latest Flip

21 Replies

3 Bedroom, 2 Bath approximately 1450 sq ft on 3/4 acre lot

Purchase Price $27,503

Estimated Contract Labor $10,000

Materials Estimate $5,500

Total In $43,303

Repair time 2-3 weeks

ARV $84,900.

I will update with carrying costs, closing costs, etc. upon sale.  Here are some before pictures.  After to come...

Looking forward to seeing the after pics.

Sounds like a good deal. I look forward to seeing the end results. Good luck.

Ok, so we finished up last week and got it on the market 3/14 and I accepted an offer that evening.  Materials ran a little higher than planned.  The numbers ended up more like this.  

3 Bedroom, 2 Bath approximately 1450 sq ft on 3/4 acre lot

Purchase Price $27,503

Estimated Contract Labor $10,000

Materials Estimate $9,976

Total In $47,479

Repair time 3 weeks

Interest Payments for 2 months $1,000

Contract Price $83,900

Closing Costs $4,400

Realtor 5.5% = $4,614

Net Due to Seller $74,886

Minus Investment and Carrying Costs of $48,479

Profit $26,407

Great job @Michael Hicks . The numbers looks quite good and really looking forward to seeing the after pics. 

Originally posted by @Siddharth Shastri :

Great job @Michael Hicks . The numbers looks quite good and really looking forward to seeing the after pics. 

 Something must be wrong with the site.  I tried several times to upload the afters but it's not working for some reason.  I'll get them on asap.  Thanks

@Michael Hicks Inspiring account! Where did you find this property? MLS? Broker? Wholesaler?

@Christian U. every property I've purchased has been off of the MLS. Things are fairly competitive here but I tend to go toward properties that scare others away. This one-way missing the HVAC unit and dome of the wiring and plumbing had been ripped out. I buy up units off of Craigslist when I find them. Usually around $200-$300 bucks. By the style of house I could tell that 90% of the wiring and plumbing were intact. Most people run from these. They're my favorites. Usually deeply discounted.

Looks like a great deal!  How often do you do these?

@Adrian Chu , I've done 5 since July and my goal is 10 this calendar year.  

@Micheal Hicks good job, I hope you meet and beat your goal.

Nice job. Just gotta dig to find good deals.

Great story. Are you using leverage or cash for your flips?

Here are the updated pics.  Just figured out I could add more than one pic to a post...

Inspiring indeed..

I am hoping to follow suit..

@Hai Loc , keep with it.  It'll come when you least expect it.   

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