Just finished my first flip! $30k profit!

144 Replies

Originally posted by @Will Barnard :

Congrats on your success, not bad at all. As a suggestion, take all your hours spent on performing the rehab tasks and calculate what your hourly rate was form your profits. It may be beneficial for you next time to hire out tasks that are “below your pay grade” so you can focus on the higher paid tasks like finding deals, raising money, building your team, adding systems for efficiencies, etc.

Interesting take...Good Advice!

 

@Jamie McCauley congrats! I just wrapped up a flip on a home I bought in a short same. Excellent area and schools. House had an excellent structure but a neglected owner. Purchased fir 135k. Rehab was $60k (full interior cosmetic rehab). Just sold it for $269k and after closing costs etc will make just over $60k!! Started the next flip already!

Originally posted by @John Montgomery :

That's awesome. Congrats! Do you know where the wholesaler got the property...what the situation was with the seller?

I believe it was a pre-forclosure situation. We had to wait until a certain redemption period was over before title would let us close.  I tried wholesaling but was unsuccessful, so I'm glad I found someone who is good at it!  I can just stick to what I know best :)

Originally posted by @Michele Zugschwerdt :

@Jamie McCauley - Congratulations on the flip! I just went through several of your videos, adorable family, great quality, great sound, love your opener, cute little bits - I subscribed! Are you doing all the work by yourself? Is that how you keep the reno numbers down? Looking at your final project I was thinking you spent $20k-$25k, but I don't have a very experienced eye... yet. I look forward to your next project.

Thanks Michele!  That really means a lot! We hope to keep documenting our flips in the future. We just started a new one actually!


Yes doing a lot of the work ourselves is how we keep the numbers down.  Saved us money, but cost us a little bit of our sanity!  I'm hoping if we keep doing these in the future to start building a team of people to help.  We also spent time shopping around for cheaper materials, which saved us money.  


Thanks again! 

Originally posted by @Brandon Richey :

@Jamie McCauley congrats! I just wrapped up a flip on a home I bought in a short same. Excellent area and schools. House had an excellent structure but a neglected owner. Purchased fir 135k. Rehab was $60k (full interior cosmetic rehab). Just sold it for $269k and after closing costs etc will make just over $60k!! Started the next flip already!

Congrats Brandon!  That sounds like a slam dunk flip!  I'm hoping to achieve numbers closer to that on my next flip as well.   I'd love to hear more of your process!  Did you hire a lot of that out?

 

Originally posted by @Mary K. :

@Jamie McCauley That is awesome!! Congrats, I will check out your video.

I am trying to get my first flip going as well. Hopefully I will be as successful as you were :)


Thanks Mary1I'd love to stay updated on your flip! I'm sure if you are on these forums and researching you will do great! 

 

Originally posted by @Jamie McCauley :
Originally posted by @Michele Zugschwerdt:

Yes doing a lot of the work ourselves is how we keep the numbers down.  Saved us money, but cost us a little bit of our sanity!  I'm hoping if we keep doing these in the future to start building a team of people to help.  We also spent time shopping around for cheaper materials, which saved us money.  

If you don't midn sharing, I'd love to know where you sourced those bathroom mirrors. DM is fine too.  ;)  I hope to be starting our own rental reno soon, and hadn't thought about new mirrors, but yours really helped pull that room together. Did you do some kind of extra coating on the butcher block to make it more able to withstand bathroom levels of standing water?

 

@Jamie McCauley it seems like you have a good little thing going, but have you thought about using some of those profits to start your own marketing instead of using a wholesaler? 

If you want to accelerate your growth, the best way to do so is to start finding the deals yourself, and I use finding very loosely. With PPC, the deals find you. I have been doing this for the past three months now, and have generated five different deals, with about 12 more that I feel I can close over the next 3 to 6 months. 

Originally posted by @Nathaniel Hovsepian :

@Jamie McCauley it seems like you have a good little thing going, but have you thought about using some of those profits to start your own marketing instead of using a wholesaler? 

If you want to accelerate your growth, the best way to do so is to start finding the deals yourself, and I use finding very loosely. With PPC, the deals find you. I have been doing this for the past three months now, and have generated five different deals, with about 12 more that I feel I can close over the next 3 to 6 months. 

By PPC, do you mean "Pay per click"? As in online marketing?  Interesting concept.  I tried cold calling lists to find deals but found it exhausting and not really something I was good at. If I would have found this flip deal myself it would have been an extra 8k in my pocket.  

 

Originally posted by @Michele Zugschwerdt :
Originally posted by @Jamie McCauley:
Originally posted by @Michele Zugschwerdt:

Yes doing a lot of the work ourselves is how we keep the numbers down.  Saved us money, but cost us a little bit of our sanity!  I'm hoping if we keep doing these in the future to start building a team of people to help.  We also spent time shopping around for cheaper materials, which saved us money.  

If you don't midn sharing, I'd love to know where you sourced those bathroom mirrors. DM is fine too.  ;)  I hope to be starting our own rental reno soon, and hadn't thought about new mirrors, but yours really helped pull that room together. Did you do some kind of extra coating on the butcher block to make it more able to withstand bathroom levels of standing water?

Bathroom mirrors were just from Target.  $50 a piece I think.  The butcher block was sealed with butcher block oil and will need to be reapplied periodically be the new owner.  

Best of luck! 

 

@Jamie McCauley that is exactly what I am talking about, and exactly why I suggested it. You wouldn't have netted that entire $8k, due to whatever ad budget you had set up, but you would have gotten more than you ended up with. On top of that, you would have more leads that you could work in the meantime while the flip was ongoing. 

Forget cold calling, DMM, bandit signs (suckers!), the way to find deals now and going forward is through online advertising. Sellers find you, instead of the other way around.

@Jamie McCauley congrats on your first fix and flip deal. Each project is unique and therefore has unique challenges and outcomes. I'm glad to hear you had a positive return! That speaks tremendously about your acquisitions, due diligence, construction project management, and sales strategy. Keep it up!

Sincerely,

@Jamie McCauley

Congratulations! Feels great doesn’t it! I only made $20K on my first flip, not bad considering it was a mobile home in a park and I only had $17K total invested :)

Originally posted by @Pablo Davidov :

Loved the video @Jamie McCauley. Just subscribed to your YouTube channel. Looking forward to more awesome content.

 Thanks Pablo! I really appreciate it!  It has been a fun creative outlet for me

Originally posted by @Nathaniel Hovsepian :

@Jamie McCauley that is exactly what I am talking about, and exactly why I suggested it. You wouldn't have netted that entire $8k, due to whatever ad budget you had set up, but you would have gotten more than you ended up with. On top of that, you would have more leads that you could work in the meantime while the flip was ongoing. 

Forget cold calling, DMM, bandit signs (suckers!), the way to find deals now and going forward is through online advertising. Sellers find you, instead of the other way around.

Awesome!  Thanks!  Can I ask what platform you found most effective?  Facebook?  Google? Etc?  

 

Originally posted by @Jacob Jacob :

@Jamie McCauley congrats on your first fix and flip deal. Each project is unique and therefore has unique challenges and outcomes. I'm glad to hear you had a positive return! That speaks tremendously about your acquisitions, due diligence, construction project management, and sales strategy. Keep it up!

Thanks for the encouragement Jacob! I really appreciate it.  I have definitely gained some confidence from this flip moving forward.  

 

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