Updated over 4 years ago on . Most recent reply
Finished my First Flip! 55K profit on Character 2 Story
Just wanted to thank everyone for all their help learning to get into this profession. I finished my first flip this week in Manitoba Canada. Bought a 1905 character home that needed huge upgrades. Bought in Feb of 2020, sold in Feb of 2021.
Financials:
-Purchase Price $209K
-Rehab cost was $48,000 (mix of construction loan and personal loan)
-Sold for $325K and was only on the market for 2 days!
-Profit of $55 000 after closing and realtor costs!
Rehab
-Tear down walls to create open concept
-New Ikea Kitchen on main floor with higher end finishes I purchased afterwards (previous owner had business and kitchen was upstairs)
-Tore out old water radiant heat and pipes
-Installed brand new Natural Gas HVAC and all duct work
-New flooring on main floor
-Redid wood stairs that were covered with carpet
-Installed new fence
Loved the journey however long it took! I am already onto my next flip a bungalow with a granny suite!
Most Popular Reply
Congratulations on your first flip, Brady! It sounds like your second one will be a success. I am new to the REI field and want to buy and complete my first flip this year in Rhode Island (not ready to buy until summer). It's great hearing success stories! Did you do a lot of work yourself? Awesome profit on your first, best wishes on your second!
Jamie