My first flip was not a lipstick flip! I partnered on this project with a fellow BP member which proved to be a great decision as we could support each other emotionally through the ups and downs, lol. We have a few weeks left before wrapping it up, but it has come a long way. We are holding out hope to make a decent profit, but I can honestly say the education we received is priceless.
Looks good Aaron. Great job on the front facade transformation. Pretty advanced stuff for your first time. I bet it will sell quick
That last photo and the view itself is certainly going to be a moneymaker. Very nice!
Really nice!! What are the details?
@Eileen Murray although it is turning out very nice the profit margin shrunk from original projections. With it being on the river in a prime location we struggled with what to do with it.
Demo the house and build something brand new? Do we do addition or not? How high end should the finishes be? And so on.
Here are the numbers (roughly)
Purchase price $235K (a bare lot in this area goes for 200k+)
Renovation & private money costs $200K
Sale Price $525K (minus 3% commission. I'm licensed so we save 3%)
In the end, we pretty much built a new house. The costs kept creeping up, and we went over budget, but it has been a great learning experience. I don't think the money outlay and time justifies the profit but this will make any future flips feel like a piece of cake ;)
@Aaron Farr That's a year's salary for most though. It's easy to get caught up in the metrics sometimes and forget the real dollar amounts. Nice profit for your first deal and a big project that I am sure taught you a lot. Congrats again
Looks good. Congrats. This community makes REI more believable because people are actually doing it. All the best.
@Newton Mignott thank you! I hope these kinds of posts inspire you to take the leap!!
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