First flip complete... and SOLD!

13 Replies

Well, after being the in the buy, rehab and hold biz for a the last two years I jumped into trying a complete SFH flip. Like most projects we had a few big surprises but overall it was a great success. We fixed plumbing, electrical, new foundation wall (this was big!), replaced some windows, pulled up carpet and refinished hardwood floors, new appliances, etc. Still finalizing my numbers but a rough break down goes like this:

Home: 3 bed 2 bath with 2 car garage and fenced in yard

Purchase: $31k cash

Rehab: $28k (estimated around $20-22k)

Listed: $100,000- Received full price offer within 17 hours of listing.

Estimated net profit:   $25-29k

Just got all inspections done and very little came back so we are set to close July 15th. We are paying up to $2500 of closing costs and broker commissions too. I have my RE license so will get 25% back from referral. And some before and after pics:

@Anthony Piazza total renovations from purchase to sale was about 3.5 months. It took quite a bit longer than we hoped, however we planned for about 3-4 months. Hoped for 2-3. We used primarily 3 handymen plus myself and biz partner. The 3 handymen did 90% of the work and then I painted a few rooms, installed kitchen cabinets, and did some minor plumbing (I used to have my license). The 3 handymen are guys that I use on my rentals so I knew them already. They are cheap labor, do good work, but are slow and do not always work too hard! 

@Dan Mackin One foundation wall was cracking, see picture below. Our handymen tore out the bad wall/block and then a foundation contractor came in and rebuilt it correctly. I guess I do not know all of the details other than we made sure the contractor was legit and stood behind their work.

Wow what a transformation I can't wait to my first how did you find this deal?

@Jedd Braunwarth

@Jeiby V. we found this deal because of a good relationship we have with a broker. He found the property and called us before it went on the MLS. They were hoping to list it for around $56k but they accepted our offer when we jumped in offering $31k all cash and had our RE attorney ready to do all of the paper work ASAP.