First Flip - before and after - with numbers - Louisiana
Hey everybody! I purchased my first flip house back in August of 2016. I held this house way longer than I anticipated due to a full time job, other side businesses, and life being really busy! I contracted out 75% of the work and only did minor things myself such as Demolition, hauling off 15 trailer loads of limbs and brush from the yard, doorknob installs, etc.
I actually bought the house from a guy who lived out of State. We never met, we only ever texted and never even talked on the phone. He signed the documents from out of state and the lawyer handled everything. The owner hadn't even been to the house in probably 5 years. Diamond in the rough. I'll never find another one this good in my lifetime. I had just bought the house next door as a rental so I got his number from the previous owner.
A few of major upgrades: Roof replaced, windows replaced, fascia and soffit replaced, floors refinished, paint throughout every square inch of house, kitchen reconfiguration, cabinet doors, all lights replaced, ceramic tile added to office, laundry, and kitchen. Old storage room converted into office. Back deck replaced. Outlets upgraded, all new appliances, all new doors and hardware inside and out.
ROUGH Numbers
Purchase - 80k
Repairs - 50k
Closing, legal, etc 7k
Financing 10k
Contract Price - $187,500
Profit - $40k