My first six figure flip .....Hopefully. With Before and Afters

My first six figure flip .....Hopefully. With Before and Afters

Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes

I will use this forum post to document my journey to my first six figure flip....Hopefully. I will post before, afters, info on how I acquired, why acquired, and the process in general.  At this stage in time the home just went on the market. 

I purchased this home for $365,000 and it is currently listed for $649,000.

Please feel free to ask any questions.  Let's start with some befores-

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Terrance ClarkPro Member
Real Estate Professional · Hickory, NC · Member since 2016 · 175 posts · 47 votes
10y

Wow that is an amazing transformation. Wishing you luck!

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  • Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y
  • Real Estate Broker · Chicago, IL · Member since 2015 · 531 posts · 266 votes
    10y

    After photos? How much did you spend on the flip? 

  • Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y

    And some afters....

  • Terrance ClarkPro Member
    Real Estate Professional · Hickory, NC · Member since 2016 · 175 posts · 47 votes
    10y

    Wow that is an amazing transformation. Wishing you luck!

  • Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y

    @Terrance Clark

    Thank you sir!

  • Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y

    Some numbers-

    Purchase Price $365,000

    Assignment Fee $10,000

    Rehab                   $75,000

    Hard Money Loan $296,000

    Money Down         $80,000 (included hard money)

    List Price-                $649,000  

    Potential Profit       $150,000 (Including closing, holding, lending costs)

  • Odessa, TX · Member since 2016 · 11 posts · 2 votes
    10y
    That is the at the least very impressive!! Good work and good job! Good luck with a quick sale! Keep us posted!!!
  • Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y

    Thanks @Brian Young!

  • San Antonio, TX · Member since 2016 · 7 posts · 0 votes
    10y

    Awesome! Keep us updated, beautiful renovation! Best of luck!!

  • Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y
    Thanks Taylor Thompson Received an offer on our first showing. It's a low offer but offer that would be very profitable nonetheless.
  • Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y
    We closed on January 4th. We started construction January 12th. Finished construction February. 5th. We listed February 15th. First offer February 17th. We continued punch out after construction was completed and still have a punch out guy there doing little things to tidy up the home.
  • Real Estate Investor · Cali · Member since 2015 · 86 posts · 7 votes
    10y
    Brit Foshee Oh wow for 75k rehab that is amazing. Do you mind to tell us what you did with the house?
  • Colorado Springs, CO · Member since 2016 · 214 posts · 58 votes
    10y

    Wow. Great prospect, one month turn around is great for how much better you made it look! Good luck getting it sold!

  • Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y

    @Tuan L.

    The house had great bones and really great characteristics built in. The architecture, the pool, the location and the fact that it was gulf access made it a very sought after property from the get.

    The home was just extremely dated.

    Here's what we did.


    New HVAC (2 units)

    New Hot water heater.

    New kitchen with will removed, plumbing moved.

    New Plank tile flooring in all main and common areas.

    New Carpet in bedrooms.

    Restructure and complete remodel in Master bath. 

    Restructure and compete remodel in Guest bath.

    New fixtures throughout.

    New Outlets throughout 

    Exterior Paint

    Interior Paint.

    New Baseboards Throughout

    New Kitchen Aid appliances (including washer and dryer)

    New Irrigation System (Just the control module and a few heads)

    New Sod

    New Landscaping.

    New Garage Door opener.

    New Pool Equipment.

    Covered old exterior fire place with Rock

    New Cabinets in Laundry Room.

    New Vanity/Flooring in downstairs bath.

    Pressure wash Dock and new dock lighting.

  • Specialist · Chicago, IL · Member since 2015 · 870 posts · 345 votes
    10y

    Wow! Nice job!

  • Investor · Sugar Land, TX · Member since 2016 · 14 posts · 4 votes
    10y

    This looks incredible, congratulations!

  • Rental Property Investor · Fond Du Lac, WI · Member since 2015 · 261 posts · 78 votes
    10y

    This is incredible! 

  • Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y

    @Frank Eimiller@Frank S. @Diana Chau

    Thank you!  This was a really fun project!

  • Real Estate Agent · Windermere, FL · Member since 2016 · 3 posts · 2 votes
    10y

    Beautiful!! Congratulations!  Best of luck!

  • Caledonia, OH · Member since 2016 · 25 posts · 4 votes
    10y

    Wow it's really stunning - incredible job!  Congrats on getting an offer already - and definitely keep us posted!  

  • Tucson, AZ · Member since 2015 · 70 posts · 24 votes
    10y

    amazing job...that place looks fantastic!

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

    @Brit Fosheeplease tell me you kept the palm tree wall paper with monkeys on it in the hallway.

  • Residential Real Estate Agent · Philadelphia, PA · Member since 2013 · 82 posts · 33 votes
    10y

    Great job!  Congrats!

    Did you do any of the work yourself?  Did you hire a GC or sub it all out?  75k sounds like a great price.   

  • Gino BarbaroPro Member
    Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
    10y

    @Brit Foshee

    that is fantastic!

    Congrats

    Gino

  • Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y

    @Sarah Fears@Sarah Masteller

    Thank you so much!  We've had 4 showings and one offer with one week on the market.  We are still negotiating the first offer.

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