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

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

Brit Foshee
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!

3Reply
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  • Brit Foshee
    OP
    Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y
    Originally posted by @Joe Splitrock:

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

    As much as we wanted to go with the Jungle Book theme.....

    2Reply
  • Brit Foshee
    OP
    Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y
    Originally posted by @Nicole Clemens:

    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.   

    I hired a GC to do Kitchen, Bathrooms, Tile, and Moldings.

    I subbed out paint, fixtures, pool, landscaping, sod, etc.

    1Reply
  • Brit Foshee
    OP
    Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y

    Thanks! @Gino Barbaro

    0Reply
  • Brit Foshee
    OP
    Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y

    Thanks @Adrian Watkins!!!!

    0Reply
  • Shabyna Stillman
    Investor · San Antonio, TX · Member since 2015 · 75 posts · 14 votes
    10y

    @Brit FosheeBeautiful work! All the best!

    0Reply
  • Jay Johnson
    Pelham, NC · Member since 2015 · 160 posts · 54 votes
    10y

    Great job! I love the transformation! I saw "assignment fee", so, this deal came from a wholesaler? Once again, great job!

    0Reply
  • Johanna Lopez
    Investor · Huntsville, AL · Member since 2015 · 26 posts · 8 votes
    10y
    Great work!!!! Just a little suggestion for your next project ..you should consider staging the home. I see so many great outcome from staging
    0Reply
  • Emily Lopez
    Real Estate Broker · Rock Springs, WY · Member since 2015 · 57 posts · 43 votes
    10y

    Looks great.  I'm seconding @Nicole Clemensquestion. Do you do the work yourself or contract out? I always do everything myself but sometimes wonder if getting the job done quicker would be worth contracting at least some of the work out. 

    0Reply
  • Brit Foshee
    OP
    Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y

    @Emily Lopez

    I don't do any of the actual craftsmanship, but I do act as a bit of a contractor particularly with my subs.

    I have to schedule to meet them, get estimates, follow up on their work, get supplies.

    For this job, I hired a GC to do kitchen, baths, and tile flooring. 

    I subcontracted everything else out.

    For me-Speed is of utmost importance. I want to be in and out, particularly when hard money is involved.

    2Reply
  • Brit Foshee
    OP
    Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y

    @Johanna Lopez

    Thanks for tip. I priced it out and couldn't justify the cost or frankly anyone I wanted to work with. Call me cheap. 

    0Reply
  • Johanna Lopez
    Investor · Huntsville, AL · Member since 2015 · 26 posts · 8 votes
    10y

    @Brit Fosheethat's understandable .. Great work any way! 

    0Reply
  • Brit Foshee
    OP
    Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y
    Originally posted by @Jay Johnson:

    Great job! I love the transformation! I saw "assignment fee", so, this deal came from a wholesaler? Once again, great job!

     Yes,

    The wholesaler actually found it on the MLS and negotiated a great deal with the Bank.

    0Reply
  • Jay Johnson
    Pelham, NC · Member since 2015 · 160 posts · 54 votes
    10y

    Congratulations to you and the wholesaler! 

    0Reply
  • Jason Clark
    Huntsville, AL · Member since 2015 · 22 posts · 4 votes
    10y

    After pictures look great! Good luck moving forward with the offer.

    0Reply
  • Brit Foshee
    OP
    Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y
    Jason Clark Thank you sir!
    0Reply
  • Ramek Llah
    Investor · Windsor , CT · Member since 2016 · 38 posts · 17 votes
    10y
    Beautiful.
    0Reply
  • Elizabeth Moore
    Real Estate Investor · Chapel Hill, NC · Member since 2015 · 78 posts · 10 votes
    10y

    Beautiful

    0Reply
  • Brit Foshee
    OP
    Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y

    @Elizabeth Moore

    Thank you!

    0Reply
  • Brit Foshee
    OP
    Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y
    Jay Johnson Thanks my man!
    0Reply
  • Account Closed
    Real Estate Agent · Astoria, NY · Member since 2016 · 42 posts · 7 votes
    10y
    Great job, that exactly what I want to do !
    0Reply
  • Account Closed
    Saint Petersburg, FL · Member since 2013 · 110 posts · 38 votes
    10y
    Originally posted by @Brit Foshee:

    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)

    Brit,

    What were the comps in the area like?

    0Reply
  • Brit Foshee
    OP
    Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y
    We had a solid comp across the street. Slightly larger but seller was desperate and it sold for 580,000. There were several others in the high 500s. Currently were priced lower than all the active comps on a price per sq ft basis.
    1Reply
  • Brit Foshee
    OP
    Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y

    @Account Closed

    This one was fun for sure!  You can totally do it!

    0Reply
  • Colin Kamesh Raja
    Investor · South Ozone Park, NY · Member since 2015 · 20 posts · 0 votes
    10y

    awesome 

    0Reply
  • Brit Foshee
    OP
    Investor · Fort Myers, FL · Member since 2012 · 462 posts · 200 votes
    10y
    Colin Kamesh Raja Thanks!
    0Reply
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