Share Your Success! Pics, Flips, and $$$
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 !!!
Can't wait to see all these rehabs!
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.
Below are some numbers on the project and photos.
Condo 2 beds, 2 Baths, 1200sqft.
Purchase Price = $153k $158k- $5k (waived commission)= $158k
REHAB = $28K
HOLDING COST = $3K
LISTING PRICE = $232,900
BUYER COMMISSION/CLOSING COST= $10K
PROJECTED PROFIT = $38,900
BEFORE PICS
Here a few before and afters of our first flip about a year ago. It was a little 50's 2bd 1bth in pretty good shape, but really outdated. We did most of the work ourselves on nights and weekends and got it back on the market in about 5 months. We accepted a full price offer after only 2 days on the market, so almost exactly 6 months from close to close.
St. Louis, Mo
Purchase Price (Short sale): $85K
Repairs: $26K
Sales Price: $150K
Currently finishing up our second one, it should be going on the market in a week or two.
@Kory Hannah great job. What part of St. Louis? Do you have a background in design? Where did you get your ideas?
@Ames Foley Thanks! We're focusing on south city right now, generally near Hampton Ave. I do have a BS degree in drafting design architecture as far as that goes. Really, we've both just been really interested in making, building and designing things all along. Amie also has a small decor business that re-purposes and repairs furniture along with making signs and other decor items.
They don’t teach us this kind of Math in school!
A few year ago I bought a vacant old transmission shop on E 4th Street in down town Reno. The seller was retiring and vacating the building ie. it was vacant, and it needed work. So the "Power" comes into play when you bring a little vision mixed with some speculation, and that can equal cash flow and profit, or added value. What I did to create the cash flow was I went in and cleaned everything up and changed the curb appeal with a new door and glass front, stucco and paint. So I paid $450K for the building, put about $20K into fix up and then went out and found new tenants, only this time not as a transmission shop but moved it to a more retail use by placing a Bicycle and Antique Shop. When all was said and done I was receiving $4000 gross rents, $1500 net cash flow and the building @ a 6 CAP was valued at $600K. If I had sold then the profit would be $130K. A handsome profit in a 3 month time frame, which was how long the transformation of the investment took!
Fred Myer
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!
Hey Chris! I'm a newbie too so sounds impressive enough to me :)
Curious how it went with the cash out refi. Can you spare any more details on how much you were able to get out of a mortgage company (or other lender) based on the new appraised value?
Hi everyone I guess I'll use this for a bit of an introduction, here are a few flips we recently have done in Central Florida.
How did you find your deals? Direct mail?
Part of the team is 3 guys that are dedicated to strictly acquisitions between new-to-market REOs, asset managers with the banks, sometimes direct mail but not really, word of mouth, property managers, etc
@Kory Hannah Looks great! What problems did you run into? Any advice?
Also, how much did it cost to do the kitchen alone? If you don't mind sharing :)
Thanks!
First flip completed, 2nd on the market!! And now in escrow on 2 more. Here are some before and after!
First - purchase 290, rehab 60, sale 465.
Just made a killing on this deal.
Finished the rehab yesterday (Thursday).
Listed this morning (Friday) at 8am.
Offer $8,000 over asking price by 4pm.
Boom.
Purchase Price: $78,000
Rehab: $8,000
Gross Profit: $21,000 (Est. NET approx $14,500)
@Zachary Gwin Thanks! This project really went pretty smoothly. We did have to deal with some surprise termite damage along the way, and a lot of junk. We tried to be nice to the elderly couple that was movIng out and told them they could leave a few things in the house if they didn't want to take them. That left us with a basement completely full of old magazines and broken appliances. We did learn, on the few things that we contracted out, that you really get what you pay for in subcontractors.
I believe we ended up spending about $8K or so on the kitchen, but we did almost all of the labor ourselves.
Overall it was a huge learning experience that led us to take on a lot bigger project for our second flip. It's turning out great and should be going on the market in a little over a week. I'll add some pictures to this feed when we get the photography done this week.
Just getting started. Set to close on my first investment property on April 19th, purchased this 3 bedroom 1,600 sq ft at foreclosure auction for $5,500 ($9,000-9,500 after buyer premium & closing costs) and already have a potential buyer lined out.
Put a bid in on this second foreclosure two days ago, 4 bedroom house 1,800 sq ft that last sold for $60,000 & found out today I got it for $34,900. It will rent for $1,100+ if I don't flip it instead.
Will be bidding on this third home this weekend, 4 bedroom 1600 sq ft valued at $55,000 that I should be able to get for around $25,000-30,000. Not a bad start!!
I've been scanning my documents and creating folders and getting to where I can eliminate all this frikin paperwork.
Now I can just fill out my docs on the PC and move them to the appropriate folder. So much easier than shuffling thru stacks of paper to find a sellers info when he calls.
I even scan and save my receipts to folders of my business expenses and etc.
It's so much easier and better, once I got this set up it's a simple wham bam, I can find any document in seconds.
Oh yea, closed on a small deal yesterday, always nice to have some pocket change. Only $2,500 but hell, it's on a house that I didn't think I cud sell. This is another deal I got from sending out direct mail, I never seen this house, never met the seller or buyer, did it sitting on my *** in front of the computer, the only photo I got is from google maps. Oh the Insanity, Technology baby. It's amazing how some computer skills can make you some serious scratch.
Got much bigger ones in escrow that shud close this month.
Let's make some Money.....
Randy PhillipsI've been scanning my documents and creating folders and getting to where I can eliminate all this frikin paperwork.
Now I can just fill out my docs on the PC and move them to the appropriate folder. So much easier than shuffling thru stacks of paper to find a sellers info when he calls.
I even scan and save my receipts to folders of my business expenses and etc.
It's so much easier and better, once I got this set up it's a simple wham bam, I can find any document in seconds.
Oh yea, closed on a small deal yesterday, always nice to have some pocket change. Only $2,500 but hell, it's on a house that I didn't think I cud sell. This is another deal I got from sending out direct mail, I never seen this house, never met the seller or buyer, did it sitting on my *** in front of the computer, the only photo I got is from google maps. Oh the Insanity, Technology baby. It's amazing how some computer skills can make you some serious scratch.
Got much bigger ones in escrow that shud close this month.
Let's make some Money.....
Randy PhillipsGrowing up in Culver City (near West Los Angeles) real estate had been a bit intimidating...for example my parents house is worth over 10 times what they paid for it...and I don't make 10 times what my dad did! I noticed a lot of people in my church (LDS) moving out of town as they could not find a way to buy a home with one income. We were really getting priced out of the market as having a parent raise our kids was a priority. Realizing a better strategy would be needed I took a Real Estate Investment class at El Camino College in Gardena and loved what I learned, in particular a book that was on the requested reading "Buy and Hold 7 Steps to a Real Estate
Fortune" by David Schumacher. His book is a lot about finding the right area and going with multifamily. I felt like this was the way for me. Many people don't consider it but a duplex costs the same or sometimes less than a single family home. Why not have someone else paying half or more of your mortgage? This could make up for only having one income.
The area was the other challenge so I began visiting some areas of LA that were a little less expensive than Culver City with friends who grew up there. We would drive slowly block by block taking notes and talking about the areas. Then we found it! Just east of La Brea, North of the 10 freeway a neighborhood that was almost all single family home, almost no large apartment complexes but maybe 10 to 20% small multi-family (2-4 units). This was just what we wanted, mostly owner occupants helps an area but we need something that can help us pay our bills.
We were blessed to find a 4 unit property on our favorite street in the area that has a 3 bed 2 bath front house and three 1 bedroom units in the back! We offered over asking and after trying to buy something for almost a year closed on the MAJOR fixer upper. We were blessed to have it completely un occupied by the time we closed escrow so we could fix up all the units and rent it for market rate. To save money we were builder owners on the project and hoped we could do it for $40,000. Man were we crazy! We blew through that in no time so we started getting additional funding from a host of different sources, $15k here $10k there etc. We had to finish the project and as this would be a rent controlled apartment we could not afford to go cheap on our finishes. When the place is vacant you have to take advantage as it may never be vacant again in your lifetime! (that a post for another day) Well thank God after a ton of work and months of drama, that included a birth of our baby girl who fortunately came on a Friday night so we could shut down the project for the weekend, we rented out the 3 units to great tenants. We were very happy to get $1300 for 2 of them and $1200 for the 3rd as we cut a deal with an ideal tenant, missionaries from our church (they wire their money 1 to 2 weeks early every month, have their own clean check and are a pleasure to have around). Now we had the income we needed to pay the mortgage and started working on our home in front. We stepped it up a notch for this bigger home and put in marble kitchen floors (discount from a family member) distressed hardwood, removed most of the drywall, opened up the kitchen to the dinning, turned a 3/4 bath to a full and changed a hallway bedroom into a separate entrance bedroom. See the pics/video
MOLD...
7 layers of roofing!
Ugly but we managed to keep them after painting them white and putting in new hardware.
https://www.youtube.com/watch?v=6X3iBW3rsYkHad to get rid of the formica
Added a new window to make living rooms more open feeling.
Washer Dryers in each unit has really helped our rents.
The Lath and Plaster was in such poor shape it had to be removed for new drywall
The numbers:
Purchase $473,000 Remodel costs: $130,000
We did a cash out refi about 9 months after purchase and recovered all our remodel costs at the property appraised for $650,000. 1 1/2 year later it had appreciated to $800,000 that allowed us a HELOC that gave us the down payment on our next place....
Great job done everybody. It really gives a boost to newcomers. That is all about helping each other.
Looks like you really hit a home run on this one, Alma! I couldn't imagine what you had to go through to make it happen. I've been house hacking in Culver City, and it looks like you really beat Culver City at its own game. Seems like it should appraise for way more than the $800k you mentioned by now.
Purchased Feb 2015 for $69,000
Repairs and cost to carry of $22,649
Sold July 2015 for $124,900
Pre-tax net profit of $22,351
Pictures from the above post!
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.
Below are some numbers on the project and photos.
Condo 2 beds, 2 Baths, 1200sqft.
Purchase Price = $153k $158k- $5k (waived commission)= $158k
REHAB = $28K
HOLDING COST = $3K
LISTING PRICE = $232,900
BUYER COMMISSION/CLOSING COST= $10K
PROJECTED PROFIT = $38,900
BEFORE PICS
Purchased in Los Angeles for $550K in April 2015, sold it in Jan 2016 for $975K. I discovered some space on 1st floor of home that was used as storage, we did some structural work and were able to legally add on approx 250 square feet to the home. Also added new deck to upper level that has amazing views.
I saw the interior before/after pics on MLS and I must say I'm impressed. It looks like you got your hands dirty, and the result is a stunning balance of elegant/hip. Obviously, the market agreed because you achieved a very quick sale for well over asking. Would you mind sharing more details about the rehab and costs, and what you look when purchasing?
I sold a flip last Friday. It was a doozy! I bought it in April of 2014 and yes it did not sell until February of 2016 and no it was not rented. Had huge problems with contractors and I didn't get started working on it for months because I had too many flips going.
Bought it for $75,000
Repairs were about $70,000
Carrying costs about $5,700
Financing costs about $7,000
Selling costs about $8,000
Commission saved -$2,200 (since I am an agent and got paid a commission when buying)
Seller paid closing costs $2,000
Selling price $220,000
Profit about $50,000
Am I allowed to post before and after videos?
If you don't mind me asking, if you had the property for nearly 2 yrs what did you do to keep the holding costs so low?