Completed my first Rehab!

Flipper/Rehabber · Fort Lauderdale, FL · Member since 2014 · 77 posts · 38 votes

I have been reading on these forums for a while now and I finally am going to begin posting!

I completed my first rehab this month!

This has been something I have been wanting to do and I decided I just had to do it! Under contract in one day!! 2nd property already under contract, I will keep you updated!

Questions!? Feel free to ask!

After

The blue was already there!!!

After

Before

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Francisco Ycaza
Real Estate Agent · Bronx, NY · Member since 2013 · 40 posts · 6 votes
12y
Hello Joe,

My name is Francisco and just wanted to say congrats on your first rehab and

the after pics look great . Much success and I have faith myself that I complete my first rehab this year ...my goal !

Regards,

Francisco
0 Reply
Jacob Villalobos
Whittier , CA · Member since 2013 · 176 posts · 96 votes
12y
Great job
0 Reply
Jonathan Harris
Rehabber · Houston, TX · Member since 2011 · 21 posts · 6 votes
12y
Joe,

Was that an arcade machine in the living room in the before pics? If so that is an automatic $20k add. Haha. Looks good, congrats.

JH
0 Reply
Phil C.
Queens, NY · Member since 2013 · 82 posts · 10 votes
12y
hi joe, first is congratulations on your firstof many more flips to come. may we ask what are the numbers for this fl
0 Reply
Wesley C.
Investor · Knoxville, TN · Member since 2012 · 96 posts · 33 votes
12y
Heck, if my current project had a kitchen like the one you replaced I'd be ecstatic. Looks good. Congrats! Thanks for posting. It's always encouraging to see success.
0 Reply
Account Closed
Investor · Charlotte, NC · Member since 2013 · 159 posts · 44 votes
12y
Nicely done @Joe Stafford , the place looks great. May I ask: the kitchen didn't look too bad before. What made you decide to change it up? Just looking for some insight into the thought process, as I hope to flip my first property in the next few months.
0 Reply
Joe StaffordPro Member
OP
Flipper/Rehabber · Fort Lauderdale, FL · Member since 2014 · 77 posts · 38 votes
12y
Thanks everyone! The kitchen is from Home Depot, cost $887 for cabinets and top (they do 20% off sales often). The appliances including washer and dryer ran me $1350. The old kitchen was full of mold and for such a small closed in space I wanted to lighten it up.

As for #'s:

Purchase $22,000 purchased a non performing note

Back taxes, HOA and holding $7400

Rehab $8900 everything is new

Realtor fee's $3150 (I listed it)

Closing costs $900

Sales price $105,000
5 Reply
Ramon Jenkins
Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes
12y
@Joe Stafford welcome and congrats
0 Reply
Martin Zawarski
Contractor · Easton, PA · Member since 2013 · 152 posts · 58 votes
12y
wow! Great job. Looks great. The first one always seems the hardest. Enjoy your reward for your work and have fun with your next home.
0 Reply
Phil C.
Queens, NY · Member since 2013 · 82 posts · 10 votes
12y
Originally posted by @Joe Stafford:
Thanks everyone! The kitchen is from Home Depot, cost $887 for cabinets and top (they do 20% off sales often). The appliances including washer and dryer ran me $1350. The old kitchen was full of mold and for such a small closed in space I wanted to lighten it up.

As for #'s:

Purchase $22,000 purchased a non performing note

Back taxes, HOA and holding $7400

Rehab $8900 everything is new

Realtor fee's $3150 (I listed it)

Closing costs $900

Sales price $105,000

Holy Cow, these are incredible numbers, mate. Congrats, hope you celebrated and treated yourself to something nice after closing (like another flip!) Cheers and good luck in the future!
0 Reply
Jeff B.
Investor · ABQ, NM · Member since 2013 · 28 posts · 6 votes
12y
Looks good!
0 Reply
Erik HitzelbergerPro Member
Investor · Louisville, KY · Member since 2011 · 331 posts · 278 votes
12y
Wow! That's a phenomenal deal. Nice job on the rehab and congratulations. Like @Jonathan Harris, I'm curious about the arcade game. Does it work?
0 Reply
Eric Metz
Real Estate Investor · Little Rock, AR · Member since 2013 · 126 posts · 65 votes
12y
Awesome job! This is really a great motivator in those who are looking more into rehabbing. I can't wait to see more from you.
0 Reply
Joe StaffordPro Member
OP
Flipper/Rehabber · Fort Lauderdale, FL · Member since 2014 · 77 posts · 38 votes
12y
Thanks again everyone. The arcade game was robocop and it does work.
0 Reply
Andy Robison
Investor · Kansas City, MO · Member since 2013 · 465 posts · 170 votes
12y
Robocop!?!! I love that game.
0 Reply
Brie SchmidtBusiness Member
Moderator
Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
12y
Great job! Congrats!
Podcast Guest on Show #132
Second City Real Estate4.821 Reviews
Website View Page
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Aaron Stanford
Investor · Atlanta, GA · Member since 2012 · 18 posts · 8 votes
12y
That's an incredible looking property and incredible numbers. Congratulations on a home run.
0 Reply
Yvon Beaubrun
Involved In Real Estate · Miami Beach, FL · Member since 2013 · 4 posts · 3 votes
12y
congrats... was wondering how did you get the property. Non-performing note? does that mean you bought the mortgage from an investor that didn't want to do an eviction? Did you have to do an eviction? Thanks in advance for sharing. Great job.
0 Reply
Ryan Rogowski
Virginia Beach, VA · Member since 2014 · 6 posts · 2 votes
12y
Wow! Amazing numbers, I hope my first has numbers like that! That'll definitely keep you going! Congrats!
0 Reply
Joe StaffordPro Member
OP
Flipper/Rehabber · Fort Lauderdale, FL · Member since 2014 · 77 posts · 38 votes
12y
I bought the mortgage from a lady who sold the property and did owner financing. She called me (as a realtor) to see what the property value was and if I knew anyone who would buy the note. Needless to say I did!

The owner had moved out some time ago and we ended up doing a satisfaction of mortgage along with a quit claim deed to convey. Was easy!

This was a very lucky scenario.
0 Reply
Phil C.
Queens, NY · Member since 2013 · 82 posts · 10 votes
12y
quick question, how long did the whole project take from purchase to sold? im putting my biz plan together for my first flip (or income property) and woukd be reallygreat toget some real life time lines.
0 Reply
Joe StaffordPro Member
OP
Flipper/Rehabber · Fort Lauderdale, FL · Member since 2014 · 77 posts · 38 votes
12y
Closed on Dec. 26th, I could have had this turned around in 2 weeks but I decided to do some of the work plus with Holidays it was a little slow moving.

0 Reply
Janice Carter
Kennesaw, GA · Member since 2014 · 23 posts · 7 votes
12y
@Joe Stafford

Love the before and after pictures and the numbers even more. That is an awesome deal. Congrats!.... and thanks for sharing.
0 Reply
Phil C.
Queens, NY · Member since 2013 · 82 posts · 10 votes
12y
Originally posted by @Joe Stafford:
Closed on Dec. 26th, I could have had this turned around in 2 weeks but I decided to do some of the work plus with Holidays it was a little slow moving.

holy smokes thats incredibility quick, id i didnt know any better id say this was the ideal flipping experience. love to hear about ur next one!
0 Reply
Christopher B.
Rental Property Investor · Knoxville, TN · Member since 2011 · 701 posts · 531 votes
12y
@Joe Stafford Congrats and awesome #'s! You said it was a "lucky scenario" but you definitely created your own luck by putting yourself in a position to take advantage of an opportunity. I hope I have some "luck" like that soon.
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