My First Flip: Before & After

128 Replies

Originally posted by @Rachel Gill :
Originally posted by @Chris Colvin:

it looks great. I'm trying to get into my first flip now and your pictures showed me that it can be done... How did you like the hard money lenders?? 

 Hi Chris, 

My hard money lender was great!  More like a mentor and guided me every step of the way.  Using hard money is the only way I'm able to invest in properties currently, so it works for me.  I hope to be able to use private money in the future, but I'm sure the hard money will continue to be a good option.

Good morning. I'm not to  familiar with Hardmoney lenders. How does it usually work? Do I need money down? Do I have to do an inspection on the house??? I found a house that I want to buy and flip but I don't have the money. Any  advice ? 

Really great job Rachel!! What was your role in this house? Did you GC it yourself or pay someone? Did you hold down a full time job while renovating? Thanks for posting. The renovation is top notch - the overall feel and finish does not look much different from what I am seeing in 500K renovated homes in Dallas area (minus the marble and quartz). You got the look without spending a fortune.

That was a pretty rugged looking first deal!  The finish is so nice...and the photos and staging really make it shine.  Well done~

@Chris Colvin , hard money lenders charge a high interest rate 12%-16% and often up front points, for a short time period loan. This allows people to buy properties that conventional lenders cannot or will not lend on.  Imagine a fire-damaged house, for example.  They are usually private individuals, some of whom also have experience with rehabs so they know their numbers; HMLs typically won't lend more than 65 to 70% of the value.  We didn't know about hard money and got conventional loans on our first couple of fixers.  With closing and funding & closing costs, on the buy and again on the sell side, hard money would have been a lot easier and comparably priced to Wells Fargo, our lender at that time.

@Rachel Gill Great work Rachel! The rehab looks fantastic. You mentioned the rehab went over budget by 8K. What were these unexpected expenses? Did you hire a contractor or did you manage the project? 

Terrific job, you go girl!  Fantastic choice on colors (greys are still very popular), finishes, etc.  Now, ride the wave while you're still on a high.  :)

You did a really nice job! I hope I'll come out positive my first flip. That in itself is a true accomplishment. 

Side Note: I would brush/vacuum your brand new carpet to look nice for photos. If not it looks trampled. Just something small I noticed. 

Originally posted by @Jim R. :

WOW. Great job. Would you mind saying want you used for flooring?

Thanks for sharing.

 Hi Jim,

This is an espresso stained solid hardwood flooring.  My contractor actually picked this up for me at one of the local distributors, so I'm not sure of the brand or exact color.  Sorry I can't be of more help.

Originally posted by @David Minishian :

You did a really nice job! I hope I'll come out positive my first flip. That in itself is a true accomplishment. 

Side Note: I would brush/vacuum your brand new carpet to look nice for photos. If not it looks trampled. Just something small I noticed. 

 Thanks David.  I agree!  Unfortunately the home wasn't professionally cleaned until the day after the pics because of being on such a time crunch.

Originally posted by @Johnny Rodriguez :

@Rachel Gill  Awesome for your 1st..  Inspiring. You said you had contractor issues, what were they?  Keep up the good work...

 Hi Johnny,

Well, where should I start. We hired a contractor who had successfully completed several flips for my HML, however, she became over extended and started to rob Peter to pay Paul. In the meantime she wasn't pulling the permits she said she was pulling and when she did finally pull them, she pulled them fraudulently under a different contractor's license. We fired her and in order to keep his license, the contractor whose license was used fraudulently agreed to finish the job, however, a lot of the budget had already been paid out to the first contractor therefore this guy wasn't getting much $ to finish the job, therefore his motivation level was very low. We finally got it completed, but it was about 2.5 months behind schedule!