First flip $70k PROFIT!!!

[Theodore Renka]

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!

       

[Theodore Renka]

thanks Imran!

The 40k was "cash".  Quotes because I got 30k off a credit card at 0% for 12 months direct deposited into my checking account. The other 10k was my own money.  I had to be very creative with the costs as I am not a rich man! At least not yet!!! Lol