Brandon & Josh were wrong AKA My first flip

Brandon & Josh were wrong AKA My first flip

Investor · Tampa, FL · Member since 2015 · 13 posts · 36 votes

Dear Brandon & Josh, 

I am happy to tell you that you were wrong! I have been listening to the BP podcast and hanging around here for almost a year now.  I was ready...oh so ready but those little words kept scaring me away "Most people lose money on their first flip". Well I am happy to tell you, I DIDN'T! (ok, we, but mostly I). I have been analyzing, advising and helping others with their real estate investments for a couple years now but I just finally jumped in and did my own end to end flip. YAYYYY.

I closed on the selling end of my first flip on Friday. It was an adorable little Old West Tampa bungalow. I (my llc and a partner) purchased it in September for 37k, spend 32k on rehab, 9k on closing costs/fees/commissions/taxes/holding costs. We purchased with cash and we sold it in February for 120k. Within 24 hours of the MLS listing we had two contracts. We accepted a full price offer with cash close and no contingencies. We had a backup offer for 124k. I know, I know, maybe I priced too low. After all was said in done, the deal made 42k before taxes.

We did it! I dreamed of this moment when I would be telling you all about it.  So as much as I cringed every time I heard "most people lose money on their first flip" I found so much inspiration in all the stories and the many times and ways you guys have said "take action" or "just do it."  

I should also note that I'm also a single mom, I work full time and volunteer for local animal rescues and charities.  After seeing all the feral cats and kittens in the area and my heart breaking worrying about them I also rescued, tamed and adopted out (to loving families) 7 kittens from 2 litters and trapped, spay/neutered and vaccinated 3 adult cats in the process. The neighbors were so happy to have help with them.  I'm sure it also helped the house to not have tons of feral cats everywhere.  

So if I can do it, anyone can do it!!

Oh, and I bought a rental, more on that next time. :) 

Union House (after photos)

28Reply
97 views

Most Popular Reply

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

Love your title of the thread! Congrats on your success.

For all reading this, I want to point out the most important factor in this message which resulted in the successful first flip: @Jessi Hill BOUGHT RIGHT!! Simple as that.

Look at those numbers - $32k purchase, $37k rehab, total of $69k and sold for $120k. That is a 57.5% deal and the reason she slammed a home run on this one. Deals with that kind of spread are not easy to come by but beginners need to know that they must find decent spreads before they pull the trigger.

See this reply in the discussion

73 Replies

Jump to latestLatest
  • Winter Haven, FL · Member since 2015 · 1 post · 1 vote
    10y
    Congratulations!!!
  • West Orange NJ · Member since 2015 · 4 posts · 3 votes
    10y

    Congrats! Glad to hear the FIRST flip went well :) Imagine what's to come! 

  • Rental Property Investor · Plant City, FL · Member since 2015 · 1k+ posts · 379 votes
    10y

    @Jessi Hill congrats!!!  Now on to the next! 

  • Investor · Detroit, MI · Member since 2014 · 755 posts · 462 votes
    10y

    You could have sold it for more if you got rid of the cats first.

    JK Congratulations

  • DHS/Investor · Bowie, MD · Member since 2015 · 149 posts · 65 votes
    10y

    congrats on your first flip....

    keep up the good work

  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    10y

    So cute!  ...the bungalow, not the kittens!  LOL  :D

  • James MasottiPro Member
    Rental Property Investor · Washington Township, NJ · Member since 2015 · 1k+ posts · 976 votes
    10y

    @Jessi Hill - Awesome job! Very inspiring to see! Can't wait to get mine started!

  • Real Estate Investor · Lake Jackson, TX · Member since 2016 · 149 posts · 49 votes
    10y

    Awesome story! Keep it up!!!

  • Realtor · New Port Richey, FL · Member since 2011 · 48 posts · 20 votes
    10y

    Welcome to flipping on the Suncoast and congrats on your success. I'm a flipper and buy/hold investor in New Port Richey...typing this while one of my rescue kitties sleeps on the couch next to me :) Hope to hear more of your progress!

  • Oakland, CA · Member since 2015 · 44 posts · 32 votes
    10y
    Congrats Jessi :) Looks like your first success in REI, but I have a feeling there are definitely more to come! I was curious if this home was a foreclosure, and what renovation work it needed done. Thanks a ton for the inspiration! Raquel Pea
  • Investor · Fayetteville, GA · Member since 2016 · 22 posts · 6 votes
    10y
    Congratulations, I made $41,000 on my first flip! That's a good club to be in!! Kevin
  • Investor · Tampa, FL · Member since 2015 · 13 posts · 36 votes
    10y
    Thanks guys!!! And I did take the kittens first. I'm always bringing home boxes of kittens from my RE prospecting. This wasn't a foreclosure. Actually it had been purchased as a foreclosure for 10k a year or so before I bought it. They had redone the electricity, hot water and AC. They made it livable (kinda) but it was still a disaster. We bought it for cash. We had to level the foundation, treat for termites, and add plumbing for a bathroom. Those were the largest expenses. We also finished a framed in wall, painted and opened up the spaces. Redid lotsa tile work and floors, painted the outside and added new appliances. I actually re-did the cabinets myself. They were nasty 90's greasy cabinets. I cleaned them, we painted them with fancy (on clearance) paint and then used a glaze for an antique look. Then we staggered them and added crown molding. Changed the whole look. Cost about $200 bucks and 3 weekends.
  • Llangennech, Carmarthenshire · Member since 2015 · 1 post · 1 vote
    10y

    Congratulations!

  • Tampa, FL · Member since 2015 · 21 posts · 7 votes
    10y

    200 bucks and a few weekends? Those are awesome numbers. Congrats on taking the leap and glad it worked out well. That's inspiration for us current bystanders!! 

  • Investor · Dallas, TX · Member since 2014 · 142 posts · 44 votes
    10y

    Congratulations!  You seem like an amazing strong woman.  I love that you help fur babies, as I too have a huge heart for that.

    Keep pushing and taking action.  No stopping you now!

  • Rental Property Investor · Arlington, VA · Member since 2016 · 24 posts · 16 votes
    10y

    Wow! Great job and such an inspiration. On to the next one..

  • Professional · Tampa, FL · Member since 2015 · 39 posts · 9 votes
    10y

    Congratulations!

  • Investor · Dallas, TX · Member since 2014 · 2k+ posts · 1k+ votes
    10y

    fanfreakingtastic!!!

  • Real Estate Agent · Tampa, FL · Member since 2015 · 129 posts · 44 votes
    10y

    What an awesome start! I want to be like you when I grow up!! LOL! Seriously, congrats on the flip and being such a blessing to those kittens. It's such an inspiration to have someone with such a big heart also succeed in making their dreams come true. 

    Keep up the great work!

  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    10y

    That is great @Jessi Hill! @Joshua D. and @Brandon Turner should have you on their podcast. First reason is because you proved them wrong, second because they need more women guests and third to provide a beginners perspective on flipping. That being said, they do an amazing job selecting guests, so they really don't need my input.

    Regardless, great job Jessi and I think it is awesome you are involved with animal rescue, although I have a no cats policy, sorry! 

  • Flipper/Rehabber · Alexandria, VA · Member since 2014 · 461 posts · 262 votes
    10y

    Those numbers are awesome @Jessi Hill. You should be real proud of yourself. Thanks for sharing your inspiring story. Can't wait to hear about the rental and flip #2. 

  • Queens NY, NY · Member since 2013 · 467 posts · 107 votes
    10y

    @Jessi Hill....congrats!!!

  • Los Angeles - Tujunga, CA · Member since 2016 · 29 posts · 11 votes
    10y

    Congratulations! Love hearing about the great deals and experiences. Keep it up!

  • Investor · Toronto, Ontario · Member since 2015 · 4 posts · 1 vote
    10y

    Congratulations! That's a great story. Keep up the good work.

  • Rental Property Investor · New York, NY · Member since 2015 · 57 posts · 16 votes
    10y
    Congrats on an excellent first flip!
Join the conversationCreate a free account to reply, vote on answers and follow this thread.