Investor · Tampa, FL · Member since 2015 · 89 posts · 19 votes
Hey everyone, my name is Nick and I am from Tampa FL. Last year I completed my first deal, bought a house for $68K Cash, did a complete gut, re-did every single aspect of the house from drywall to kitchen to tile to flooring to paint to new recessed lighting and beyong. EVERYTHING
I made $37 Profit on the deal.. YEP 37 BUCKS !
The knowledge I got from this investment is unparalleled and at my age of 26, put me far ahead of the curve.
I am ACTIVELY seeking the next deal, and want to do another FLIP or a 3-4-5-6 Plex long term.
If anyone is interested in connecting in my area please let me know.
Investor · Fort Mill, SC · Member since 2013 · 128 posts · 70 votes
11y
Everyone is right about the education, but it`s not really worth it if you don`t learn the right things. So, what would you say are the top 5 things you have learned from this experience?
As for the next one, I would find one that is going to take a lot less rehab.
Also, post all the specifics on your potential deal on this forum first, and let everyone examine it, and help you in doing the proper "due diligence".
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
11y
The house looks great @Nicholas Moffett ! Don't feel bad about the $37 profit. You were 'paid' for an education! Some have done all the work you have and lost money! I have done well in the 7-10 unit space so I concur with your thoughts of going that direction. Less competition and more creative sellers! Good luck!
Investor · Fort Mill, SC · Member since 2013 · 128 posts · 70 votes
11y
Everyone is right about the education, but it`s not really worth it if you don`t learn the right things. So, what would you say are the top 5 things you have learned from this experience?
As for the next one, I would find one that is going to take a lot less rehab.
Also, post all the specifics on your potential deal on this forum first, and let everyone examine it, and help you in doing the proper "due diligence".
Entrepreneur · Miami, FL · Member since 2013 · 133 posts · 83 votes
11y
Congratulations @Nicholas Moffett . There are tons of BP members that have lost their shirts in their first deal. Geez... Some of us think we have a deal today... Lets see how the numbers look after closing. You just added a very powerful weapon to your arsenal - I am sure by now you have a strong spreadsheet or another tool to estimate rehab costs. These are real costs... by the cent, square-foot or unit-of-measure. You took action. That's whats matter. On the next one, you will have more arguments to defend your negotiations. Even more if you buy again in the same area. You already have the numbers (acquisition-rehab-disposition)... All the best moving forward.
Lynnwood, WA · Member since 2015 · 95 posts · 33 votes
11y
@Nicholas Moffett House looks great, like everyone else already has mentioned - at least the balance sheet was positive. I am also interested in hearing the unexpected events here in this flip, I assume you did not plan on a 37$ payday.
Highland, IN · Member since 2012 · 253 posts · 36 votes
11y
@Nicholas Moffett, good job on keeping a positive attitude... I'd be beside myself if I broke even on a flip, haha. I will reiterate what everyone here has said. You received great education for free. Think of it this way. You could have just stuck with reading books to "educate" yourself on flipping, but instead you learned hands on for the exact same price. As I'm sure you know now, you learn so much more going through the process than you ever could researching. And as for your next flip, I'm sure you'll have a much better idea of how to estimate repairs, looks like that was what you were the most off on.
Real Estate Agent · Orlando, FL · Member since 2014 · 5 posts · 2 votes
11y
@Nicholas Moffett Congrats! I am with everybody else, you got paid to get a great hands on education. Go get the next one! Reno looks good. I'd be interested to hear what went "wrong" with your projections- could be a good learning experience for another newer flipper.