Rental Property Investor · Denver, CO · Member since 2015 · 154 posts · 266 votes
Hey BP!
So this thread is for you to share your success!
I want to show the world ALL the amazing flips/rehabs our members here on BiggerPockets are doing and have done.
Here's what YOU'VE got to do -
Upload Before & After pictures of your projects, give a brief description of the property w/ location and (if possible) provide some basic numbers - Purchase price, Rehab, ARV, Net Profit.
These images may very possibly be shown on the BiggerPockets social media accounts (Facebook, Twitter, Instagram, Pinterest, etc...) So bring your BEST!
Lastly, make sure to Like our FB page and follow our other accounts @biggerpockets !!!
Denver, CO · Member since 2013 · 185 posts · 160 votes
10y
Id be happy to share my last deal. I bought a condo in a retirement community for a flip, and the purchase closing which I did with my own Real Estate license was closed on December 18th of 2016. After getting all of my plans approved through the HOA I started the demolition on the 27th of December. I used contractors through the whole process and it was the first flip I have done with out doing any of the actual physical labor myself. I did design and buy all of the finishes and delivered most of them to the job site, but for the first time it was a relatively hands off experience. There were a lot of problems, as there always are but I am really excited with the finished product. I finished the rehab on the 19th of February and I just listed the property on the MLS. This is also will be the first project that I have bought with my license, project managed, designed, funded, and sold by my myself from start to finish.
Denver, CO · Member since 2013 · 185 posts · 160 votes
10y
Id be happy to share my last deal. I bought a condo in a retirement community for a flip, and the purchase closing which I did with my own Real Estate license was closed on December 18th of 2016. After getting all of my plans approved through the HOA I started the demolition on the 27th of December. I used contractors through the whole process and it was the first flip I have done with out doing any of the actual physical labor myself. I did design and buy all of the finishes and delivered most of them to the job site, but for the first time it was a relatively hands off experience. There were a lot of problems, as there always are but I am really excited with the finished product. I finished the rehab on the 19th of February and I just listed the property on the MLS. This is also will be the first project that I have bought with my license, project managed, designed, funded, and sold by my myself from start to finish.
Banker · Salt Lake City, UT · Member since 2010 · 5 posts · 34 votes
10y
1) Bought and managed my own new construction home project
2) Negotiated the price of the house from $257,000 to $250,000, rearranged the interior of the home and selected the color scheme for the exterior of the house
3) Shopped around for custom-made kitchen cabinets, carpet, hardwood floors, tiles, light fixtures, and appliances
4) Installed the hardwood floors, tiles and bathtub surroundings, and painted the whole house all within a week
5) Finished a room in a basement from scratch – framed it, sheetrock, door installation, walk-in closet, electrical, wall texture, painted, and hired the right people to finish the carpet and window seal installation - Total cost about $2300
6) Sold the house 22 months later for $285,000 and made a net profit of approximately $35,000.00 after escrow reimbursement, cashflow from rental income, interest on property tax return and amortization.
Great experience and good return on my $13,000 initial investment.
Real Estate Agent · Tucker, GA · Member since 2016 · 90 posts · 144 votes
10y
I bought a home for 47k put about 60k into it. I have listed it for 180k. Got full price offer 3 days later after listing it on Zillow for sale by owner. I am going to pay 5400 in commission. If it closes I should make about 67k. It needed sooooooo much work! It really did turn out beautiful! It was basically down to the studs. Everything is new. Now I'm thinking I may have underpriced it. Not sure how to add pictures on here from my Cell.
Investor · Indianapolis, IN · Member since 2014 · 45 posts · 78 votes
10y
Holy cow! These are all fantastic! I want to be like all of you when I grow up! ;) My little buy and hold project pails in comparison, but I'm a rookie, so I consider it a grand success!
Closed on a small 2/1 in a stable area of NE Indy on 12/30/2015. Paid 23k cash, put 10k into new kitchen and various small repairs and paint throughout. Ready to lease on 2/28/2016. I did all the painting myself and my handymen did the rest. Showed house three times to colleagues from work before handing the keys to PM . First person showed signed lease and is moving in 4/1/2016. $725.00 a month. I'm looking to cash out refi now, and start another one. Not nearly as big numbers as you all, but I'm tickled pink with it!
Investor · San Jose, CA · Member since 2012 · 2k+ posts · 3k+ votes
10y
This is 6-unit building that we bought for $1.188M, spent $42k for renovation, sold it for $1.55M and netted $230k profit. One day I drove by and saw a homeless guy slept on the mattress that one of the students threw out. Check out the tree in front of our building. All I can say is those girls had fun while living there. :>)
Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes
10y
Ha, @Account Closed! A turd in the toilet is my usual "tell" that I'm going to get a great deal, but a homeless guy sleeping on a mattress in front and lady's undergarments hanging from the tree are great "tells" that I'm going to be on the lookout for now. Makes you wonder how they were paying their rent ... at least it is steady income, even if you can't verify it :>)
Denver, CO · Member since 2013 · 185 posts · 160 votes
10y
Thanks so much for the feedback @Andrew K.I usually do different finishes for each project that's the fun part to me. I did get some stuff from lowes and Home Depot. But I try to avoid it mostly if I can, I hate walking into any home and seeing those same vanities and accessories you see in every other flip that were bought at Home Depot. So I try to change it up a little.
Rental Property Investor · San Antonio, TX · Member since 2011 · 266 posts · 158 votes
10y
Judy Rae wow! Another great example of amazing finishes and detail work. It's incredible to me that you only spent $25k on the rehab. It looks like you spent twice that!
Are white appliances making a come back in higher end homes? May I ask what brand you used?
I've also noticed that grey seems to be a popular color choice for a variety of exterior and interior surfaces. Not just your project, but it's also a growing trend around me. Looks great!
Awesome job. Looking forward to seeing more!
-Andrew
Nashville, TN · Member since 2016 · 99 posts · 28 votes
10y
Really nice job Judy Rae I agree it does look like you spent more that looks "homey" (I know that's not a word)! Was the asking price $505 or did you negotiate? Also did a wholesaler bring you that deal or was it on the MLS?