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!

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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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Account Closed
Investor · Collingwood, Ontario · Member since 2016 · 27 posts · 11 votes
10y
My first rental -- reno finished yesterday. 625 sq ft condo. Previous owner didn't know how to vent fireplace, so lots of smoke damage. I converted the fireplace to electric -- gas not available in this building. The lower kitchen cabinets had water damage and mold -- contractor switched them out for free cabinets that he salvaged from another reno. Also added washer/dryer combo to bathroom. Lower end condo, so didn't want to over improve -- "cheap and cheerful".
1 Reply
Willie Felder
Browns Summit, NC · Member since 2016 · 7 posts · 2 votes
10y
Originally posted by @Bill Thompson:

This is one of my favorites. It's a rental not a flip.
Type: 3-Fam, 4,900 s.f.
Year acquired: 2012, rehab took 5 months
Cost: $200,000
Rehab: $215,000
Monthly rent: $4,700 (below market)
Montly CF: $1,400
Appraised value (11/15): $660,000
The house was a hot mess! Had to do everything over top to bottom.... heating, electrical, plumbing, windows, de-leading, porches, 3 new kitchens, 3 existing bathrooms, 2 new bathrooms, etc.
Before pics are top left, after pics are bottom right...
I'm from Boston and was just up there this past weekend. I would love to get some rentals up there once I get going. Good work!
0 Reply
Ola Dantis
Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
10y
These finishes are superb. Great job!
0 Reply
Lisa Bryant
Washington, DC · Member since 2016 · 94 posts · 43 votes
10y
Wow to the WOW! Congrats, Euan! The vision for this awesome home manifested itself...from a beast to a beautiful, dream come true!
Skilled and talented, team.
Learn, Apply, Produce!
0 Reply
George DespotopoulosBusiness Member
Lender · New York, NY · Member since 2016 · 936 posts · 287 votes
10y
@Zachary Gwin. Congrats to everyone on this thread with successful flips. Keep them coming...
MoFin Lending4.9152 Reviews
Website View Page
0 Reply
Andrew Hahn
Rental Property Investor · Westchester, IL · Member since 2016 · 10 posts · 5 votes
10y
We just completed our first real estate deal, it was a four year live-in flip. Our original plan was to purchase the house, live in it for a while, and turn it into a rental. However, my wife's job relocated us to the Chicago area.
I am a young lawyer.
Bear with me because I'm a new and still learning how to properly value and present the numbers. Here's my attempt:
Location: St. Louis, MO
Purchase price: $50,000 (short sale)
- aunt was agent, so fee was waived (she was helping us out)
- borrowed money from grandma for the down payment: $13,000
Material costs: $8000
I forgot to itemize everything over the course of the four years, but the improvements were:
-blown in insulation
-tile floor in kitchen
-new bathroom flooring x2
-new basement carpet
-new basement flooring (previous was rotted through)
-new carpet in bedroom x2
-hard wood flooring refinished
-new refrigerator
-painted entire interior of the house
-installed two custom closets in bedrooms
-repaired and repainted the garage
-tore out dinning room drop ceiling, installed drywall ceiling
All the work was done by us, save the hardwood floors.
Sale Price: $108,000
less:
-$6000 in fees (man I need to get a real estate license)
-$5000 in concessions
Net: $43,000
$108,000
-$33,000 left on the note
-$13,000 to grandma
-$6000 fees
-$5000 concessions
-$8000 material costs
The problem that I have is how to value this in terms of holding costs. Our mortgage was $410 on the property, whereas we were paying rent of $725 before purchasing this. I tried to comp the rentals in the neighborhood, and if we had not purchases, I am convinced we would not have found a 2/1 for anything less than $600 (most were closer to $900).
Pictures before:
After Pictures
It was a great experience, and I am looking forward to getting into the real estate game here in the greater Chicago area!
3 Reply
Rick Nelson
Investor · Bellefontaine, OH · Member since 2016 · 1 post · 0 votes
10y
Nicely done. Congratulations.
0 Reply
Meghan Logan
Lender · Los Angeles, CA · Member since 2016 · 17 posts · 3 votes
10y
Wow! So many awesome and inspiring stories here!
0 Reply
Jennifer Pampuch
Investor · Indianapolis, IN · Member since 2015 · 2 posts · 4 votes
10y
Here is our first success story. This house is in Indianapolis, IN in the Bates-Hendricks Neighborhood. We changed it from a 3 bed 1 bath to a 2 bed 2 bath. We actually sold this house before we even had drywall up. Closed on the final sale in March 2016.
Here is our next project.
4 Reply
Ben Dao
Rental Property Investor · Saint Louis, MO · Member since 2016 · 123 posts · 84 votes
10y
Here are is a before and after of this kitchen. Just tiling the wall and adding that little back splash I think adds value. I got the cabinets, range and microwave at Menard's. Menard's has the best value on cabinets as far as in stock. I got the tiles from Lowes.
0 Reply
Kay Kay Singh
Rental Property Investor · Fort Wayne, IN · Member since 2016 · 258 posts · 177 votes
10y
FIRST SUCCESSFULL FLIP
As I posted in this thread that we bought a house at auction.com for $90000.00 om March2nd and spent $12205.00 on renovation and sold it for 139900.00 ,the listing price to the first buyer .We had to go through some ups and downs during the flipping process but we made it finally with a profit of $23212.34. I think this is a pretty successful flip but it all happened the help of all the good people on the BP forum and the BP tools. Thank you all for your help. On to the second one which we bought at a sheriff sale and still renovating it .
1 Reply
Javier Carbonell
Real Estate Agent · Laurel, MD · Member since 2016 · 18 posts · 5 votes
10y
I purchased a home for 155k, probably over paid but had 13 offers on property first day on the market, and paid 161k cash at closing. Spent 6 weeks on rehab, hiring out majority of the work. Had to fire the first contractor as he was working too slow and wasn't doing the work to my standard. Fortunate to find a great company to follow and do an amazing job. Holding cost for house is roughly $1200 a month. Made the mistake of reaching too much when listing the property due to over spending on rehab, listed 5k over what I originally planned. Once I lowered the price 10 days after listing, I received 3 offers within 2 days and drove up the price to $900 less than my original list price and went "under contract" after 12 days on MLS. This is in an area where almost all first time home buyers are using FHA loans so we can not be under contract until the 91st day of me owning the property. I will include the link below for the listing pics and attach the before pics to this post. Thanks for reading.
https://www.redfin.com/MD/Laurel/15540-Plaid-Dr-20707/home/10737643
Puchase and closing: 161,000
Rehab and materials: 67,080
Closing/commision: 12,330
Seller subsidy: 9,590
Holding cost: 3,000
Sell Price: 274,000
Projected profit: 21,000
1 Reply
Zachary Gwin
OP
Rental Property Investor · Denver, CO · Member since 2015 · 154 posts · 266 votes
10y
Originally posted by @Ben Dao:

Here are is a before and after of this kitchen. Just tiling the wall and adding that little back splash I think adds value. I got the cabinets, range and microwave at Menard's. Menard's has the best value on cabinets as far as in stock. I got the tiles from Lowes.
Do you have the numbers for this flip?!
0 Reply
Carlos Fong
Real Estate Agent · Miami, FL · Member since 2012 · 10 posts · 2 votes
10y
Hey everyone just wanted to say what great stories everyone has shared. I wanted to continue and share my success story as well. I bought a fix in flip from a wholesaler with my best friend/business partner for $162,900. We spent around $43,000 in repairs, around $7000 in holding cost, around $10,000 in closing cost and around $13,000 for agent fees (agent fees should be less as I am the listing agent). I put in on the market a week ago and received around 5 offers with the highest being above list price. It is currently under contract. This will leave me with a profit of around $40,000.
AFTER:
1 Reply
Jim Stevenson
Real Estate Agent · Doylestown, PA · Member since 2016 · 47 posts · 8 votes
10y
@Carlos Fong looks amazing man! Really like what you did with the exterior.
0 Reply
Carlos Fong
Real Estate Agent · Miami, FL · Member since 2012 · 10 posts · 2 votes
10y
@Jim Stevenson Thank you Jim
0 Reply
Euan Arcia
Real Estate Investor · San Diego, CA · Member since 2015 · 69 posts · 53 votes
10y
Took us a while but we finally closed escrow on our latest flip in San Diego, CA (Del Cerro area).
Specs: 4 bedroom / 2 bath - 2190 sq ft
We had quite a bit of work to do on this one. First off, we opened up the kitchen and the entryway to the family room/kitchen. We moved the fireplace to the corner of the family room. We also converted the den/office into a 4th bedroom. Originally our idea was to vault the ceilings but it would've cost too much to do so. Given the area of Del Cerro, we used high end finishes throughout and every detail was carefully picked out from the door knobs to the iPad control station to Bose surround sound throughout the house to LED mirrors to the Versailles travertine floors to the wall hung toilets to the custom cabinets w/ granite countertops, etc...Nothing was left untouched!
Purchase price: $600k
Rehab: $120k (Includes labor, finishes, taxes, insurance, utilities, etc...)
Commissions: 2.5% = $20,500
Sold for $820k
Profit: $79,500
BEFORE
AFTER
6 Reply
Anita Effendi
Realtor · Corona, CA · Member since 2015 · 28 posts · 9 votes
10y
Hello!
Below are some pictures from my 1st project::
PP: $198,000 | SP: $312,000 | Put in close to $40K + $20K for holding cost/escrow fees/ selling agent fees.
Location: Corona, CA
I was so scared when I first jump in into this but after seeing the beautiful transformation, I think I'm addicted. =)
Cheers!
3 Reply
Shanel Wiggins
Investor · NJ · Member since 2015 · 182 posts · 38 votes
10y
@Anita Effendi
Congratulations!!!
0 Reply
Shanel Wiggins
Investor · NJ · Member since 2015 · 182 posts · 38 votes
10y
@Euan Arcia
Great job. The rehab looks very good. Love it!
0 Reply
Jim Stevenson
Real Estate Agent · Doylestown, PA · Member since 2016 · 47 posts · 8 votes
10y
@Anita Effendi Looks great! Congrats! Can I ask how you found the deal and financed the rehab??
0 Reply
Mark Redmann
Investor · Philadelphia, PA · Member since 2013 · 177 posts · 80 votes
10y
Purchase $55k
Rehab $85K
Sold for $224,900
Planned on doing most of the work myself. I work full time and this was my second "job" Over paid on some of the things I hired out, due to bad referrals, but hey, learning experience. My parents funded everything. I had nothing out of pocket. I know, I'm lucky, but I will say it was a lot of work.
2 Reply
Shanel Wiggins
Investor · NJ · Member since 2015 · 182 posts · 38 votes
10y
@Mark Redmann Nice... Where did you find this deal? (Wholesaler, agent etc...)
0 Reply
Jean-francois Ndomb
Real Estate Investor · Kalamazoo, MI · Member since 2015 · 120 posts · 37 votes
10y
@Euan Arcia This is def not your first flip, and by the way it looks breath taking. But I was wondering, how many flips have you performed before this one and when you just got started, what was your typical scope of work ( rehab cost and purchase price for example) I am building my team and second thinking myself about not starting too big but also making sure I get a descent profit for my first flip. Thank you in advance and again, look awesome.
Best,
JF
0 Reply
Jean-francois Ndomb
Real Estate Investor · Kalamazoo, MI · Member since 2015 · 120 posts · 37 votes
10y
@Anita Effendi that is a heck of a first flip. Was it hard to put your contractors' team together, or did you just requested bid? Thank you for sharing.
0 Reply

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