Share Your Success! Pics, Flips, and $$$

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Share Your Success! Pics, Flips, and $$$

Zachary Gwin

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!

35 Reply

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Kevin Fletcher

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.

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

AFTER PICS CLICK THE LINK

http://tours.virtuance.com/471780

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Randy Phillips
Wholesaler · Clovis, CA · Member since 2011 · 31 posts · 39 votes
10y
Crazy All Cash Deal
I received a call on one of my bandit signs from an Asian lady named Meme. She tells me she has a 4/3 2200 SF Home that she needs to sell. She also tells me she's from Minnesota, she purchase this house over 20 years ago and her and her husband paid it off & gave it to the father in law. They had returned to take care of the old man because he has terminal cancer and he signed the house back over to them. It was a nice house but needed updating and repairs and it was in an undesirable area. I went to inspect the house and meet the sellers and got it on contract for $120. I estimated the ARV at 160-180K
I sent it out to all my buyers but nobody wanted it. I then started placing ads on Craig’s List. I soon got a call from a Realtor that says don’t worry my fee is paid by the buyers. The Realtor got my price down to 130K. He and I met at the local restaurant and then he tells me I need to pay his realtor fee and suggests we split my 10K assignment fee. I reminded him that he told me his buyers pay his fee. He chuckles and says Oh you know why I said that was because I knew you wouldn’t call me back. My first reaction was to tell him where he can go, but I wanted this deal and I had no other options. I told him to ask his buyers and I would ask the sellers. My sellers said absolutely not and chewed me out for asking. The Realtor got the sellers to pay half and I reluctantly agreed to pay the other half.
We started escrow at the Realtors Title Company but they didn’t know anything about assignments. So I got it started at my Title Company. Soon Meme calls me to say Title Company is asking her father in law to come in to sign his rights away officially. Meme and her husband had already got the title in their names just by recording it themselves. Everything seemed to be going forward then all hell breaks loose. Meme calls & tells me the whole story of how the father in law has lived in the house for free for over 20 years and now all of a sudden he’s demanding money for himself, his mistress and 5 brothers for taking care of the house for all these years.
Now it seems Meme’s husband and his father are in dispute and this deal looks like it’s going down the crapper fast. The sleazy Realtor suggests they do the deal all cash outside of escrow. My sellers were worried about the legality and I told them not to worry, my partner is a licensed Realtor and knows what he’s doing, but I was also having concerns. The Realtor asked me who was going to pay his fee for doing all the paperwork cuz he charges $1,500. I told him to get it from the buyer. He then says, I was joking.
We all meet at the Realtors house, it was exciting to see $132,000 in cash on the table. I got an envelope for $8,000 in cash, the Realtor got $4,000 or more, not sure exactly what he weaseled from sellers. As the deal was going down the sleazy Realtor says “Randy, Pay the Notary” I sat there with a stupid look on my face without making a move and finally the Realtor pulls out his wallet and gave her the $45.
The crazy part is the Realtor, sellers and buyers cooked up a scheme to show that they sold and purchased the house for 70K and 50K would be unreported, as a way to bypass some taxes. I’m amazed this deal went down so smooth, it took about a month. After dealing with this realtor I felt like taking a shower.
But, everybody walked out of that house shaking hands and smiling.
Let’s make some Money….
Rando
1 Reply
Polar Prutaseranee
Flipper/Rehabber · Tustin, CA · Member since 2015 · 433 posts · 103 votes
10y
@Marcus Desmond, Looks GREAT! Man, I get a little jealous every time I hear the prices out of my market. Keep it going!
0 Reply
Charles A.Pro Member
Rental Property Investor · Jacksonville, FL · Member since 2015 · 208 posts · 282 votes
10y
@Randy Phillips
I hope you like your orange suit.
JK:)
0 Reply
Randy Phillips
Wholesaler · Clovis, CA · Member since 2011 · 31 posts · 39 votes
10y
Haha, my realtor buddy said there shouldn't be a problem as long as the sellers were the title owners. I have more deals in Escrow and working on a few others, it's a frenzy out there. Let's make some money....
Rando
0 Reply
James SlaughterPro Member
Environmental Scientist / Investor · Statesville, NC · Member since 2015 · 94 posts · 41 votes
10y
@Randy Phillips Lots of hundred dollar bills and two hand guns. Only thing missing in the photo are drugs....but maybe they are inside the yellow bag in the background. Congrats!
0 Reply
Randy Phillips
Wholesaler · Clovis, CA · Member since 2011 · 31 posts · 39 votes
10y
Haha, I do like guns and cash. And I'm not sure but I bet drugs pays a lot more than Real Estate.
It's funny cuz my old buddies that are struggling thru life I hear they are spreading some chatter that I must be doing something illegal.
And when I make 15 Grand flipping a house sitting on my butt on the computer, I sometimes do have the feeling, this can't be legal. Especially when most of the time I never see the property or meet the sellers or buyers. How crazy is that?
I used to work 4-5 months to make that kind of money after expenses doing construction.
Wholesaling Real Estate has turned my life around, I live for the thrill of closing on a fixer house & helping the seller with much needed cash and getting the buyer a property he can rehab and make a living and me, making a good chunk of change in the middle.
I tell everybody I come across about how they can make a ton of money doing this, but nobody listens or don't believe it. I help my family with cash and I try to help them by motivating them to do Real Estate, but I can't do it for them.
I'm busy providing a good life for my family and me.
0 Reply
Jon Wright
Real Estate Agent · Tuscumbia, AL · Member since 2015 · 47 posts · 26 votes
10y
Here is our latest flip. Complete in about 90 days. On the market right now with multiple offers. Will update with numbers once it is closed. Pool was a wild card on this one as it was our first pool rehab. Cost about 7 grand to get it up and running. Entire house had to be rewired, new roof, hvac replace. But the buzz the house is getting makes it all worth it. Love this business!
1 Reply
Kory Hannah
Investor · Saint Louis, MO · Member since 2015 · 26 posts · 23 votes
10y
Finally got our second flip in south St. Louis finished up and sold. We learned a lot through the process and are really happy with how it turned out. We did a lot of new things for us in this one, like adding a beam to open the kitchen wall, shifting around the existing bathroom and completely adding a master bath and closets upstairs.
Our financial partner on this one would rather us not share the investment numbers, but it sold for the full asking price of $250,000 with multiple offers in the first week on the market. After closing in a couple weeks, it will have taken about 8 months from close to close.
We are really happy with how the deal worked out and already out looking for the next one. Wholesalers in the St. Louis area, let us know what you have!
5 Reply
Tiffanee Johnson
Rental Property Investor · Atlanta, GA · Member since 2016 · 23 posts · 10 votes
10y
J
0 Reply
Peter MacKercherBusiness Member
Residential Real Estate Broker · Saint Louis, MO · Member since 2014 · 1k+ posts · 567 votes
10y
@Kory Hannah Great job on the renovations, you did a beautiful job. Congrats on closing!
[email protected]
1 Reply
Joseph Rios
Investor · Paterson, NJ · Member since 2016 · 73 posts · 16 votes
10y
Wow these are all amazing! Question for those that rented the property before the flip, when did you decide it was time to sell it? Were your tenants OK with you showing the house to potential buyers while they were still living in it? Thanks!
0 Reply
Joseph Rios
Investor · Paterson, NJ · Member since 2016 · 73 posts · 16 votes
10y
Hi Victhor Soares , great job on your flip. Question, when did you decide it was time to sell the property? Were your tenants OK with you showing the house to potential buyers while they were still living in it? Thanks!
0 Reply
Alex Tillman
Investor · O Fallon, MO · Member since 2016 · 71 posts · 18 votes
10y
What areas of St. Louis are you considering? I have significant inventory that we can send over.
@Kory Hannah
0 Reply
Euan Arcia
Real Estate Investor · San Diego, CA · Member since 2015 · 69 posts · 53 votes
10y
My first time posting but this was a flip we completed earlier in the year in San Diego, CA. This property was a mess. Room additions made by the owner, some rooms were permitted and some werent, owner built an underground bomb shelter which was permitted, and basically the house was just pieced together like Legos. Originally it was a 6 bed/3 bath home. After we did the rehab, it was 4 bed/3 bath.
Purchase price was $380k. Rehab costs was $200k. Sold for $785k before we were able to put it on the market!
Enjoy the pics...
BEFORE
AFTER
10 Reply
Adrian Watkins
Tucson, AZ · Member since 2015 · 70 posts · 24 votes
10y
@Euan Arcia wow that place came out fantastic!!!
Will post before and afters of my flip here in a couple weeks once it is done!
0 Reply
Tiffanee Johnson
Rental Property Investor · Atlanta, GA · Member since 2016 · 23 posts · 10 votes
10y
@Euan Arcia what an amazing job! Congrats on a successful flip!
0 Reply
Zachary Gwin
OP
Rental Property Investor · Denver, CO · Member since 2015 · 154 posts · 266 votes
10y
Hey Jon!
Can you share the full numbers on this deal! I'd love to share this on the BP social accounts, but i NEED the numbers :)! Thanks!
-Zach
0 Reply
Jon Wright
Real Estate Agent · Tuscumbia, AL · Member since 2015 · 47 posts · 26 votes
10y
@Zachary Gwin We got the house as a Fannie Mae foreclosure for 26k. We put about 52k into the reno and we currently have it in pending at 115k. Hoping to close in a couple weeks. Thanks for the mention.
0 Reply
Zachary Gwin
OP
Rental Property Investor · Denver, CO · Member since 2015 · 154 posts · 266 votes
10y
Awesome! If you follow @BiggerPockets on Instagram/Facebook you will see it up in a day or 2 :)
0 Reply
Kory Hannah
Investor · Saint Louis, MO · Member since 2015 · 26 posts · 23 votes
10y
@Euan Arcia Wow..that is an amazing before and after!

0 Reply
Euan Arcia
Real Estate Investor · San Diego, CA · Member since 2015 · 69 posts · 53 votes
10y
Our most recent flip in San Diego, CA officially closed escrow today. Took about 4.5 weeks to complete the remodel. One of major things done was getting rid of the kitchen wall to open up the space in the kitchen and living room. We also put in a new driveway.
Home had 3 bedrooms and 2 baths with 1235 sq ft.
Held an open house last month and got an offer in less than 24 hours and buyers were able to close in 21 days which was even better!
Purchase price was $330k. Rehab costs was $50k. Sold for $448k
BEFORE PICS
AFTER PICS
3 Reply
Kevin FoxPro Member
Real Estate Agent · San Diego, CA · Member since 2014 · 1k+ posts · 635 votes
10y
Originally posted by @Euan Arcia:

Our most recent flip in San Diego, CA officially closed escrow today. Took about 4.5 weeks to complete the remodel. One of major things done was getting rid of the kitchen wall to open up the space in the kitchen and living room. We also put in a new driveway.
Home had 3 bedrooms and 2 baths with 1235 sq ft.
Held an open house last month and got an offer in less than 24 hours and buyers were able to close in 21 days which was even better!
Purchase price was $330k. Rehab costs was $50k. Sold for $448k
BEFORE PICS
AFTER PICS
Hey Euan,
Congrats on closing.
Project looks great, by the way. Keep it up!
I'd be interested to hear a bit more about your team and what exactly you guys specialize in. Please feel free to shoot me a PM if you're interested in chatting!
0 Reply
Aaron Vergason
Rental Property Investor · Erin, NY · Member since 2016 · 130 posts · 32 votes
10y
Originally posted by @Kevin Fletcher:

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.
where do you go to switch it up? are you paying much more do you think?
0 Reply
Mark Proctor
Investor · New Britain, CT · Member since 2015 · 26 posts · 12 votes
10y
Some amazing work displayed on this discussion. Haven't done anything that compares to most people on this blog, but if you would like to check out some things I have done you can visit my personal site
0 Reply
David St George
Vendor · Longmeadow, MA · Member since 2015 · 3 posts · 1 vote
10y
1910 American Foursquare: Boston Suburb (Walpole, MA, 02032)
1,785 Sq Ft | Single Family | 3 Beds | 1.5 Baths
This is an overview of our first flip. I plan to blog about each step in the process from my first tile job to how we managed the sale.
Purchase:
- April 2012
- List Price $289,900, As Is
- Purchase Price: $285
- Negotiated: Replace Knob/Tube, Install Radon System
Repairs:
- Cost: ~$60k
- We performed: Fence/Deck/Patio Installation, Landscaping, Kitchen, 2 Bathrooms, Walls, Windows, Doors, and everything else
- Hired: Siding (23k of the 60k in a second mortgage), Floor re-finishing, Granite Counters, - Glass Shower Door, Some plumbing.
Sale:
- August 2015
- Showed the property to 1 buyer, did not use RE Agents
- Sale Price $444k
- Approximate Profit $99k + 2 years of housing
Before:
After:
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