Flipper/Rehabber · Easton, PA · Member since 2013 · 224 posts · 36 votes
We closed on this flip beginning of July. It took 3 months to rehab, 2 days to get under contract with end buyer, and a month to close. We are very happy with the results!
That's a great flip and a nice profit!! Congrats guys I'm happy for you.
I just closed one in June at right at 40k profit. I didn't do as well as you guys but I was very happy.
On to your next deal guys, do it again !!!
This was our first, our second should be done in a week or two and we are in the process of purchasing a couple others. Currently my husband does do some of the work because I can't keep him away from it, lol! He loves construction and remodeling but as things get busier and we find more reliable contractors he's pulling back. I help orchestrate the staging. Thanks.
@Jessica H. - That's really impressive. One thing I am curious what are the lessons you learned or things you may have done differently considering its was your 1st flip?
I am looking properties around Baltimore area for flip and wanted to understand what I can encounter along the way?
W0W! I absolutely love the makeover as well as the staging. Your team work really is really magical! Put your heart, soul & energy into something and the outcome is always what it is meant to be. Why worry about money because when it rains....it pours.
Thanks for all the wonderful complements. It was a labor of love and kinda hard to sell in the end. It was in the kind of neighborhood where people stay for 30+ years and in the 3 months there we really got close with the neighbors.
This was a cash purchase and our realtor found it the minute it hit the MLS, lol.
A few lessons learned:
Lesson 1. Know your areas. It was located in a very quaint area ( actually there are only a few subdivisions in this area with the same charm, surrounded by not as desirable areas, and the houses sell for 50-100k more )
Lesson 2 . It was an estate sale so the heirs wanted out of it quickly and with as little hassle as possible. We offered a clean out of all the unwanted items with our offer. Learned this from @jscott.
Lesson 3. Act quick and pay asking when need be. Our realtor told us there were other offers coming in, the house was a great deal at 130k, so instead of trying to get lower we gave asking, cash, quick close with the clean out and got it in front of the seller the quickest.
Lesson 4. Get referrals for contractors. While we have found a few good ones from online, we have also had a few shady ones. Going with referrals from other contractors or investors has so far served us well and gotten us some great folks.
Lesson 5. Outsource the work. I usually have to pull my husband away from home improvement projects but doing this project and our other, has made us both realize the value in having other contractors do the work.
Lesson 6. Get the required permits. It just makes life easier : )