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!
hi malick,
I'd rather not put the town on blast but most of the issues I had was failing the certificate of occupancy over and over again. Instead of giving me the issues once, every time they came back they found new ones which extended the process about three months.
thanks Adam, will do!
@Theodore Renka, congrats. How did you come up with the rehab money (sorry if I missed that) aside from Home Depot financing the roof and siding?
Ben, this was a long time ago but I remember the broad strokes. I had lines of credit from local credit unions that I could write checks off of. I also had credit cards that had a 'direct deposit' option meaning I could take available credit and deposit it into my checking account. I had to pay a 3% fee upfront and had 0% for about a year. I also had my own money I had saved and money from my 9-5 paychecks as they came in. I hope this helps.
@Theodore Renka. Good job! That is amazing!!