Updated about 4 years ago on . Most recent reply
First flip $70k PROFIT!!!
I did this flip a while ago but never posted anything because it felt like bragging. However I find myself reading and enjoying, and learning from other members posts almost on a daily basis so I figured this is my chance to give back! Ill give some basics on the transaction and show some pictures. I hope this helps anyone who is afraid of getting started but has a passion for real estate success. The home was listed just under $60k REO for a while, then it dropped a little and I finally made an offer of $20k. After some back and forth I got it for $40k. It was listed as a 2BR 1bath 850 square feet I think. The sq ft was just the upstairs as there was a large rec room and a bonus room downstairs that added a lot of square footage. After acquisition and closing costs, renovation, holding costs, loan costs (cash out refi because I was planning on renting it) I was in it for about $115k. I sold it my self with no realtors involved for $190k giving the buyers $5k at closing. The home took quite a bit of work both inside and out. Close to close was about 9 months. There was A LOT of ups and downs but all said and done it was definitely worth it. I just closed on my second investment property last week and contractors are getting lined up to get started renovation. Below are some pics-enjoy!
Most Popular Reply
@Theodore Renka@Jake Stenziano
Great Job. More of these success stories have to be heard to shoot down the naysayers that say "it can't be done." You are living proof what hard work and taking massive action leads to.
Now it's time for an encore to keep the momentum going. Good luck on the next one.
Congrats!