First flip complete... and SOLD!

First flip complete... and SOLD!

Investor · Waconia, MN · Member since 2014 · 238 posts · 104 votes

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:

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  • Investor · Spring, TX · Member since 2015 · 7 posts · 4 votes
    11y

    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!

  • Peter MacKercherBusiness Member
    Residential Real Estate Broker · Saint Louis, MO · Member since 2014 · 1k+ posts · 567 votes
    11y

    Great job on the rehab, and congrats on the deal! Surprises keep it all interesting, don't they?

  • Investor · Owings Mills, MD · Member since 2015 · 52 posts · 9 votes
    11y

    WOOOOOOOOT!  Great job!  Did you do the repairs yourself or hire a contractor?  Or a little of both?  

  • Dan MackinBusiness Member
    Real Estate Agent · Erie, CO · Member since 2014 · 1k+ posts · 512 votes
    11y

    Very nice job! Looks like a totally different house. What sort of repairs did the foundation wall need?

  • David RobertsonBusiness Member
    Flipper/Rehabber · Kansas City, MO · Member since 2010 · 757 posts · 778 votes
    11y

    Congrats!...Looks very nice and those hardwoods turned out great!

    FlipperForce
  • Developer · Torrance, CA · Member since 2013 · 59 posts · 51 votes
    11y

    great job. now find a way to replicate your efforts. cheers. 

  • Investor · Waconia, MN · Member since 2014 · 238 posts · 104 votes
    11y

    @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.

  • Investor · Gilbert, AZ · Member since 2015 · 145 posts · 48 votes
    11y

    Great job! Love the 'before' and 'after' pics. really shows you care about what you do!

  • Investor · West Suffield, CT · Member since 2013 · 106 posts · 42 votes
    11y

    Great job!

  • Wholesaler · Wentzville, MO · Member since 2014 · 155 posts · 56 votes
    11y

    @Jedd Braunwarth Congrats! The house looks really good!

  • Flipper/Rehabber · Washington, DC · Member since 2015 · 62 posts · 21 votes
    11y

    Congrats! Wish you the best on more to come!

  • Investor · Newark, NJ · Member since 2014 · 119 posts · 18 votes
    11y

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

    @Jedd Braunwarth

  • Investor · Waconia, MN · Member since 2014 · 238 posts · 104 votes
    11y

    @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.

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