Looking for Real Estate Flipping Success Stories! (with pictures)

Rehabbing & House Flipping
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Looking for Real Estate Flipping Success Stories! (with pictures)

Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes

Mr. Brandon Turner is hosting a webinar tomorrow night about Flipping houses. How to Find, Fund and Flip your first (or next) house!

He would love to showcase YOUR success, by sharing real life examples, including purchase price, profit, rehab costs - the more numbers you can share, the better!

Feel free to share more than one flip if you've got it. 

[email protected]Podcast Guest on Show #261
BiggerPockets
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Shannon S.
Investor · Cincinnati, OH · Member since 2013 · 56 posts · 33 votes
10y

My first flip. I am now working on my third. I purchased this home from HUD last fall. Cash buy.

Website for pics/renovation/location detail:1424 Ambrose Has a link to the listing for the "after" photos but I can post more here if you want.

Original Purchase Price 33,000.00
Receipts Amount
GC 11,465.00
locksmith 236.00
Plumber 1,200.00
Floor Refinisher 2,330.00
HVAC 170.00
Misc. Repairs 763.00
Windows 800.00
Carpet 1,200.00
Garage 110.00
Landscape 650.00
Trees 636.00
Lowe's 2,396.00
Home Depot 2,140.00
Home Emp 304.00
Surplus WH 783.00
Ikea 405.00
Best Buy 732.00
Home Depot 2,448.00
Walmart 181.00
Overstock 160.00
Target 110.00
Subtotal 29,219.00
Holding Costs
Duke 9/25-5/9 1,208.00
Water Works 380.00
Cable Wifi 45.00
Simplisafe 175.00
Insurance 679.00
Taxes (prorated) 1,244.00
Subtotal 3,731.00
Misc
Alarm system (included in sale) 290.00
Water meter 233.00
Cinci Alarm fee 50.00
Subtotal 573.00
Total Renovation/Holding costs 33,523.00
Total Investment 66,523.00
Net Sale proceeds after commissions, taxes, fees 98,485.32
Paid to seller (separate as concession to new owner for new windows and a few other items) -3,000.00
Paid Home Warr - AHS -435.00
Actual Proceeds 95,050.00
(Minus Investment) -66,523.00
Total Profit 28,527.00
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  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    10y

    Are you looking for people to post that info here or message him directly?

    Curt Davis - KAIZEN Realty538 Reviews
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    0Reply
  • Mindy JensenPro Member
    OP
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    10y

    @Curt Davis, you can post it here.

    [email protected]Podcast Guest on Show #261
    BiggerPockets
    1Reply
  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    10y

    Can I message him directly?

    Curt Davis - KAIZEN Realty538 Reviews
    WebsiteView Page
    0Reply
  • Shannon S.
    Investor · Cincinnati, OH · Member since 2013 · 56 posts · 33 votes
    10y

    My first flip. I am now working on my third. I purchased this home from HUD last fall. Cash buy.

    Website for pics/renovation/location detail:1424 Ambrose Has a link to the listing for the "after" photos but I can post more here if you want.

    Original Purchase Price 33,000.00
    Receipts Amount
    GC 11,465.00
    locksmith 236.00
    Plumber 1,200.00
    Floor Refinisher 2,330.00
    HVAC 170.00
    Misc. Repairs 763.00
    Windows 800.00
    Carpet 1,200.00
    Garage 110.00
    Landscape 650.00
    Trees 636.00
    Lowe's 2,396.00
    Home Depot 2,140.00
    Home Emp 304.00
    Surplus WH 783.00
    Ikea 405.00
    Best Buy 732.00
    Home Depot 2,448.00
    Walmart 181.00
    Overstock 160.00
    Target 110.00
    Subtotal 29,219.00
    Holding Costs
    Duke 9/25-5/9 1,208.00
    Water Works 380.00
    Cable Wifi 45.00
    Simplisafe 175.00
    Insurance 679.00
    Taxes (prorated) 1,244.00
    Subtotal 3,731.00
    Misc
    Alarm system (included in sale) 290.00
    Water meter 233.00
    Cinci Alarm fee 50.00
    Subtotal 573.00
    Total Renovation/Holding costs 33,523.00
    Total Investment 66,523.00
    Net Sale proceeds after commissions, taxes, fees 98,485.32
    Paid to seller (separate as concession to new owner for new windows and a few other items) -3,000.00
    Paid Home Warr - AHS -435.00
    Actual Proceeds 95,050.00
    (Minus Investment) -66,523.00
    Total Profit 28,527.00
    8Reply
  • Michael Anderson
    Real Estate Professional · Baton Rouge, LA · Member since 2016 · 109 posts · 30 votes
    10y

    you rock Shannon S., excellent description and detailed #'s, you look as if you definitely know you #'s pretty well, i'm a newbie working hard and committed to zap my 1st deal real soon, HUD is an option that i haven't thought about though? can i pm you about the qualification process with them? keep posting but most of all keep sharing if you have some pix can you please post it on here as well........CONGRATS

    0Reply
  • Chris Arce
    Flipper/Rehabber · Chicago, IL · Member since 2014 · 3 posts · 0 votes
    10y
    Check out FixandFlipGuy on Facebook 👍🏻
    0Reply
  • Varinder KumarPro Member
    Real Estate Broker · LA & ORANGE COUNTY CA -Multi Family · Member since 2016 · 374 posts · 132 votes
    10y

    Hi i purchased my first rental in Buena Park CA. And i was able to profit a $500 cash flow monthly on it. It was my first purchase ever. I am now looking to purchase more cash flows in California. 

    Purchase price: 406k

    Now worth:$550k

    Total rehab$85k

    Mortgage:$2200

    Rent amount$2700

    I bought this home with the intentions of when i start my own family i can move into something in a great area of Orange County.

    2Reply
  • Shelley Iocona
    Real Estate Professional · Costa Mesa, CA · Member since 2016 · 5 posts · 4 votes
    10y
    2Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Mindy Jensen  my Wife just did a killer one for us here in PDX.. I can send you a link to the listing if you know how to put it up on the BP website... I don't know how to do that.

    but the numbers were.

    350k  purchase price   250k loan from my bank at 1 point and 6% 100k cash down and we paid for rehab out of pocket.  so we put about 155k cash into it.

    40k   rehab  which included  new kitchen Roof.. and finish the basement.. and new front yard.

    it was a 1920's bungalow so she kept original HW floors and just coated them.. along with the windows were good wiring and plumbing were updated.. so basically new kitchen baths paint roof etc etc.

    She staged it and had a brokers open 2 Fridays ago  on sunday she had 5 offers.. listed price was 499k.. we accepted an offer at 550k close in 30 days.. we might have to put in new sewer line depends on how the scope comes out.. it was marginal when we bought it.. we will see.

    .  she is the listing agent so we only pay 2.25 Bac to selling agent  carry cost are not too bad as we had bank funds  so say about  7,500 max for cost of capital.. tax's were low as it was a long time owner.. so say another 2,500 there .. so I am thinking we will have about 400 to 410 in it.. minus sales commission of 12k  gets us to about 425k total into it and a NET profit of 125k ish.

    and she did this one on her own.. I had zero to do with it.. she found it.. put the offer in .. managed the contractors.. etc etc ..  also its important to note that we paid cash and backfilled our line of credit these deals wont wait for financing I this market.. so we did pop the 350k up front out of pocket then recouped 250k on our existing line of credit that we have with our local Community bank.  

    I can send @Mindy Jensen a link to the listing so you can do pics if you like...   I am proud of My wife on this one.. she is usually so busy listing our new constructions that she can't take on a rehab.. so she has the bug now and has another one in contract that will close same day we roll out of this one but I don't think it will be as juicy as this one.. not all homes are going to get bid up by 50k

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
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    5Reply
  • Ellie Hanson
    Investor · Portland, OR · Member since 2015 · 119 posts · 78 votes
    10y
    You can check out our website at pineconeproperty.com and if any of the pictures look like ones you want to feature I can send you the money details. None of our flips have ever lost money so pick any you like.
    1Reply
  • Adriel Liwag
    Specialist · Los Angeles, CA · Member since 2016 · 165 posts · 88 votes
    10y
    Hey all, I got into flipping last November when I bought my first house with a partner. My partner had been flipping for 20 years. Currently I'm on my 4th flip for the year and possibly will be getting my 5th any time now. Like most people, I didn't have capital going into this business which is why I looked for a partner. The agreement between us would be that he paid the workers, the mortgage, and other transactions that required cash and I would pay for all materials on my credit cards. I got into flipping because I really do enjoy designing and project managing but I hate numbers. For now here are the details on my first flip. It's hard to break down cost for each item as we got a bid for the whole job I'm not too good with numbers which is why I delegate that to someone else to do but I will break down what I can. Property: 4 bed 2 bath Lot sq ft 7200 Living sq ft 1700 Rehab: Paint exterior and interior Demo/removed two walls to create an open floor plan Scrape and smooth popcorn ceilings Mud and texture walls and ceilings New laminate floors throughout New carpet in bedrooms Total gut out of kitchen and two bath All new Windows (10 windows) New French door Restucco front of house New bedroom doors New front door New kitchen cabinets New front door Added a side door to the garage from the porch New door knobs Added central air and replaced heating furnace New appliances (fridge, dishwasher, microwave) Move water heater outside Installed recessed lights throughout Convert water heater closet into laundry room New bathroom tiles (floors, and floor to ceiling shower tiles) New vanities Converted tub shower to stand up shower New ceiling fans in each room New mirror bedroom closet doors Pool repair (30 years of non use and has gold fish and algae) Repaired and painted concrete in backyard and garage New garage door New driveway New landscaping New appliances New exterior lights Painted fire place Staging Purchase price: $465k via HML Total rehab:$60k ARV: $590k Sold: $610k Net profit: $32k total then split 50/50 I learned so much from this first flip but it was all worth the blood and tears. Here's a link to my Box album. https://app.box.com/s/spyxxp27krya754csrstmzz8bv1u8420
    1Reply
  • Shannon S.
    Investor · Cincinnati, OH · Member since 2013 · 56 posts · 33 votes
    10y

    @Michael Anderson thanks a bunch! I am happy to discuss the HUD process with you. Wasn't really that bad as far as the offer/close process, but there were a few hitches. More important that you have the house inspected by a contractor or knowledgeable inspector- HUD doesn't allow contingencies- but there is a small period of time after you get your offer accepted and actually giving them the earnest money and signing off- you can take advantage of that time. The offering part can be a little frustrating too- I have done other HUD offers since then so I have seen some different scenarios. PM me and I'm happy to help.

    1Reply
  • Michael Anderson
    Real Estate Professional · Baton Rouge, LA · Member since 2016 · 109 posts · 30 votes
    10y

    man, all you guys rock and roll, thanks for posting but most of all thanks for sharing i think i have a couple new ideas for my 1st rehab/flip now!........p.s. don't stop now 

    0Reply
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