I made $187,861 NET profit on this flip!

I made $187,861 NET profit on this flip!

Investor · Farmington, UT · Member since 2011 · 314 posts · 179 votes

I've been a real estate investor for about 12 years now and I've been involved in a lot of flips. I don't do upper end houses, mostly just starter home stuff. I know that there are people who frequently make 100k + on flip projects, but those are generally deals that sell for 1 Million plus.

I sent a direct mail piece to one of the owners of this house (absentee owner) and after months of her "vetting" me (see called all of my references, including my attorney!) I bought the house for $113,000. I spent $150,000 on the remodel and sold it for $482,000! After all commissions, closing costs, etc. I had a NET profit of $187,861. This is my highest net profit on a single flip ever.

I made a really cool 5 minute video of the project for my blog. You can check out the video here: http://youtu.be/XoIEY0IrOuQ

Hopefully you find the story more interesting than my kids did! :)

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Curt DavisBusiness Member
Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
12y

Nice short video, very cool.  Only thing that would have made the story better would be if you would have presented the old owner with her old tin toy when she came back to see how you transformed the home.   I like what you did to the home.  Crazy it took 1yr to renovate. 

Curt Davis - KAIZEN Realty538 Reviews
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  • Investor · Colorado Springs, CO · Member since 2014 · 46 posts · 18 votes
    12y

    That was awesome.  Thanks for sharing.  

  • Investor · Farmington, UT · Member since 2011 · 314 posts · 179 votes
    12y

    @Jeff S. The BP conference was great, I keep waiting for the next one (hint hint @Joshua D. ) But seriously I made a few GREAT friends there. Ryan Webber and I really hit it off, it was like we were brothers. We had monthly phone calls and I was pretty shook up when he died. I also linked up with Aaron Mazrillo, he and I are really good buddies now as well.

    @Larry Turowski Hey! Walks are good, at least you are on base with an opportunity to score! Seriously though, I've done A LOT of flips and wholesales over the last 12 years, but that was the highest net profit.

    @Anthony Gayden HGTV eh? I guess that would be cool... but I would have to make up a bunch of dramatic events that didn't happen. :) I am recording another story right now about a house that I bought at trustees sale, and my basement of that house is currently leaking. Ugh, there is some real drama. Stay tuned for that one in the coming months. 

  • Allen MotakefPro Member
    Investor · Newport Beach, CA · Member since 2014 · 49 posts · 14 votes
    12y

    Awesome!!! Congratulations!

  • Real Estate Agent · Beverly, MA · Member since 2013 · 353 posts · 93 votes
    12y

    Nice Job! Do you make a scrap book on all of your flips? LOL

  • Investor · Farmington, UT · Member since 2011 · 314 posts · 179 votes
    12y

    @Brian Ortins I don't make a scrapbook of all flips, but I did put that one together as a gift to my buddy Matt that did the remodel with me. It just had such good before and after pictures so It made for a great story. Thanks for the comment!

  • Investor · Los Angeles, CA · Member since 2013 · 71 posts · 16 votes
    12y

    That is pretty cool.

  • Manalapan, NJ · Member since 2014 · 33 posts · 6 votes
    12y
    Pretty neat ...loved the finish of the completed home.. And cute video.
  • Investor · Hemet, CA · Member since 2014 · 48 posts · 21 votes
    12y
    Great marketing piece. Imaginative and original. Already sent a link to share with my network.
  • Rental Property Investor · Stuart, FL · Member since 2014 · 280 posts · 68 votes
    12y

    Awesome man!

  • Real Estate Agent · Beverly, MA · Member since 2013 · 353 posts · 93 votes
    12y

    I was impressed by the scrapbook! A great way to show off your work.

  • Developer · Decatur, GA · Member since 2011 · 1k+ posts · 1k+ votes
    12y

    @Andy M. What a creative way to summarize your deal!  The house looks great. 

    Did you plan to finish the basement in the beginning?  How did you partner with your buddy?

    Thanks for sharing.

    Rick

  • New to Real Estate · Queen Creek, AZ · Member since 2013 · 29 posts · 5 votes
    12y

    Awesome!  Great video too.  

  • Investor · Farmington, UT · Member since 2011 · 314 posts · 179 votes
    12y

    @Christine Lovett That is awesome! I really appreciate it! my new "vlog" is definitely a labor of love and the pay I get is view feedback. Thanks for sharing it. :)

    @Rick Baggenstoss Yes, we always planned on finishing the basement, but the upstairs space was a welcome surprise. Matt (my partner in the video) and I have been friends for a long time. I'm a better wholesaler than him, but he is definitely a more talented flipper than me. He has an eye for details and colors that I just don't have. On most projects (starter homes) it isn't as important, but I didn't want to tackle this project on my own. We actually split the deal 50/50, we both put up half of the purchase money and half of the repair money. I brought the deal and he handled the renovation with my input.

  • Ellicott City, MD · Member since 2013 · 46 posts · 5 votes
    12y

    Awesome news Andy!  Keep it up!

  • Real Estate Agent · Orem, UT · Member since 2012 · 164 posts · 49 votes
    12y

    Congrats @Andy M. !

    I have been involved in flipping homes since '98 and I have been blessed with two similar deals to yours. You never forget those home runs! Keep going to bat and you'll see another I am sure. Those sure help keep me in the REI game!!

  • Morristown, NJ · Member since 2014 · 24 posts · 5 votes
    12y
    Great story
  • Investor · Tallahassee, FL · Member since 2014 · 246 posts · 89 votes
    12y

    @Andy M.

    Nice work and thanks for sharing!

  • Investor · Farmington, UT · Member since 2011 · 314 posts · 179 votes
    12y

    @Account Closed You're right, the home runs definitely make the roller coaster ride of real estate investing worth it. I'm still chasing the 100k wholesale deal! :)

  • Flipper/Rehabber · Bryan, TX · Member since 2014 · 258 posts · 170 votes
    12y

    @Andy M. I love the way you captured the story.  That will be a treasure.  I am even more impressed by profits.  That is definitely something to strive for.  The house turned out beautiful! Congratulations.

  • Realtor · Paterson, NJ · Member since 2014 · 61 posts · 12 votes
    12y

    Thats great! Keep up the good work. 

  • Investor · Farmington, UT · Member since 2011 · 314 posts · 179 votes
    12y

    @Katie Neason Thanks, I love watching it just to see my kids faces and comments. I read books to them every night and it looks pretty much just like that. Good luck out there in Texas!

  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    12y

    Congrats on your success Andy, it is always nice to hit a home run once in a while.

    Being a numbers guy, I am wondering how you managed to hold this property for one year and sell it for only $32,000 in costs to get to your posted net profit?

  • Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes
    12y

    Congrats Andy. You deserve a big fat deal like this.

  • Investor · McKinney, TX · Member since 2014 · 189 posts · 93 votes
    12y

    @Andy M.   Wow! Congrats!!!

  • Real Estate Investor · Tucson, AZ · Member since 2013 · 23 posts · 7 votes
    12y

    Awesome story and thank you for sharing. It really keeps me focused every time I hear a great story such as this.

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