First Flip - before and after - with numbers - Louisiana

First Flip - before and after - with numbers - Louisiana

Ruston, LA · Member since 2014 · 62 posts · 53 votes

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

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Most Popular Reply

Real Estate Investor · Memphis, TN · Member since 2016 · 940 posts · 695 votes
9y

@Brent Causey - AWESOME!!  Congrats!  It looks fabulous!

See this reply in the discussion

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  • Lender · Prairieville, LA · Member since 2014 · 146 posts · 114 votes
    9y

    Wowee!! Beautiful. 

  • Lender · Prairieville, LA · Member since 2014 · 146 posts · 114 votes
    9y

    @Brent Causey, @Joshua Manning asked some great questions. I, too, would love additional insight on your financing.

  • Ruston, LA · Member since 2014 · 62 posts · 53 votes
    9y

    Out of town. Will answer soon

  • Lender · Agoura Hills, CA · Member since 2017 · 2 posts · 0 votes
    9y

    NICE! On to the next one!

  • Ruston, LA · Member since 2014 · 62 posts · 53 votes
    9y
    Originally posted by @Joshua Manning:

    @Brent Causey Also I had a few quick questions you said you tied none of your own cash in this property. But I was wondering about holding costs, was that a part of the 10k Financing costs? Did you pay the holding costs with your prosper loan? And was it hard to get a loan with no money down from the bank, which lender did you use?

    Sorry for the late response. Lots of travelling for work and then easter weekend family stuff. The holding costs was part of the 10k financing. The prosper loan I really just used for renovations. I already have an established relationship with the bank with multiple rental properties (that I did not put 0% down, that I put 20% down) so there is some other collateral there. 

  • Burlington, NC · Member since 2017 · 7 posts · 1 vote
    9y

    I think everyone already said the same, But CONGRATULATIONS!  I am an newbie trying to enter the field and I think this is just amazing! 

  • Realtor · Shreveport, LA · Member since 2015 · 79 posts · 23 votes
    9y

    @Brent Causey Thanks for the response

  • Real Estate Investor & Consultant · Los Angeles, CA · Member since 2016 · 620 posts · 386 votes
    9y

    Great job @Brent Causey ! Going into escrow on my first flip now and hope to have a similar post soon. Keep it up!

  • Ruston, LA · Member since 2014 · 62 posts · 53 votes
    9y

    tag me when you post it 

    @Shawn Ward I'd like to see it 

  • Specialist · New Iberia/Youngsville/Lafayette, LA · Member since 2017 · 39 posts · 14 votes
    9y
    Congrats! Great job on the renovation as well!
  • Rental Property Investor · Western Slope CO · Member since 2016 · 58 posts · 24 votes
    9y

    Gorgeous!! I love the addition of the big window-I'm not sure what something like that costs but it must offer a decent return because it makes a huge difference in the house! Great job! 

  • Investor · Ruston, LA · Member since 2017 · 21 posts · 3 votes
    9y

    Hey Brent,

    I live in Ruston and have been playing with real estate since about 2000.  I own quite a few rentals, have built a couple of spec houses and have flipped 4 after renovating.  I really like what you have done here and am interested in some details if you don't mind sharing:

    1) What street is this on?

    2) Who were your main contractors?  The work looks fairly high quality. Carpentry, painting, etc.

    I work out of town but am usually home on Fridays and weekends.  We should swap war stories sometime.

    Jay

  • Rental Property Investor · North Conway, NH · Member since 2016 · 69 posts · 16 votes
    9y

    Wow looks GREAT! I'd definitely live there. 

  • Developer · Covington, LA · Member since 2017 · 224 posts · 124 votes
    9y

    @Brent Causey great job on your first flip. Nice seeing a fellow Louisianian in the BP news. 

  • Ruston, LA · Member since 2014 · 62 posts · 53 votes
    9y

    @Jay Strickler 

    Walnut ave - over near cypress springs area 

    I subbed it all out. I acted as the contractor 

    I'm going to send you a PM with my email we will for sure get together. Would like to talk. 

  • Chicago, IL · Member since 2017 · 2 posts · 1 vote
    9y

    dude, that looks amazing. Wow. Good stuff. Hope to have the same success on my first flip. Love it

  • Kuba F.Pro Member
    Real Estate Investor · Los Angeles, CA · Member since 2013 · 2k+ posts · 694 votes
    9y
    Nice job Brent Causey !
  • Rental Property Investor · Shreveport, LA · Member since 2015 · 36 posts · 18 votes
    9y

    Great job! I have a couple of questions - Did you reface the kitchen cabinets and have a custom build inserted where the refrigerator once sat or are those all new cabinets? And did you paint the existing bathroom tiles? 

  • Ruston, LA · Member since 2014 · 62 posts · 53 votes
    9y

    @Brian Smith - Kitchen cabinets all got new doors. Custom build where the frige was. Bathroom tile was coated with a product from rustoleum  that can be found here

  • Ruston, LA · Member since 2014 · 62 posts · 53 votes
    9y
    Originally posted by @Brenda B.:

    Gorgeous!! I love the addition of the big window-I'm not sure what something like that costs but it must offer a decent return because it makes a huge difference in the house! Great job! 

     Windows are definitely expensive but I feel like new windows just bring the whole house full circle. I spent 5k on windows but I think they helped reach that price point you otherwise wouldn't have. 

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