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:
Nice job on your first deal Jedd. Curious how long the rehab on this property took. Please let me know. Wishing you great success in the Hawkeye state!
Great job on the rehab, and congrats on the deal! Surprises keep it all interesting, don't they?
WOOOOOOOOT! Great job! Did you do the repairs yourself or hire a contractor? Or a little of both?
Very nice job! Looks like a totally different house. What sort of repairs did the foundation wall need?
Congrats!...Looks very nice and those hardwoods turned out great!
great job. now find a way to replicate your efforts. cheers.
@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.
Great job! Love the 'before' and 'after' pics. really shows you care about what you do!
@Jedd Braunwarth Congrats! The house looks really good!
Congrats! Wish you the best on more to come!
Wow what a transformation I can't wait to my first how did you find this deal?
@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.