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.
Realtor · Corona, CA · Member since 2015 · 28 posts · 9 votes
10y
@Jim Stevenson: I found it on MLS- 25% down from my side (it's actually credit card that I liquidate) + 75% from hard money. Since it's my first flip, the hard money normally asks for larger down. The more we built relationship, the lower the down payment that they asks.
@Jean-francois Ndomb: I know! I was sweating balls when I saw the house (it is not in living condition!). I met some good people- hired one contractor and he put everything together. He didn't want to talk to me before because I'm a woman **nothing new!**, so don't give up! They know who sign the check *wink wink*!! =). ps: he turned out to be one awesome contractor. I definitely will use him on the next project.
Real Estate Investor · Kalamazoo, MI · Member since 2015 · 120 posts · 37 votes
10y
Hahaha @Anita Effendi #BossLadyStyle. Way to go. I will follow your foot steps. I thought i was crazy for pulling my hard money deposit from my credit card, thank God you made me feel so much better. I will move forward and hopefully be as successful, or even close to it. Keep crushing it!!!
Real Estate Investor · San Diego, CA · Member since 2015 · 69 posts · 53 votes
10y
Closed escrow on our latest flip in San Diego, CA (Del Cerro area). We were on the market for 12 days and took us about 2.5 months to complete the project.
Specs: 4 bedroom / 2 bath - 2000 sq ft
We had quite a bit of work to do on this one due to the foundation issues. You can see in the pics that the foundation was in really bad shape. We got an engineer to sign off on the foundation after we fixed the issues. We added caissons to prevent it from happening again. Secondly, we opened up the kitchen and the entryway to the family room/kitchen. We also raised the floor in the living room to make it one level. We also widened the hallways leading into the bedrooms. Redid the bathrooms to include 1 piece toilets, quartz counters, LED mirrors, rain shower heads in both bathrooms, body sprayers in the master bath.
Given the area of Del Cerro, we used high end finishes throughout. Calacatta quartz w/ waterfall in the kitchen (2 tone cabinets), GE Cafe appliances, hardwood floors, iPad station to control the new A/C we put in, SkyBell video doorbell. We also redid the cement in the backyard and added walkways, new sod, new water heater, new garage, new windows and doors, LED recessed lighting throughout, new carpet, drywalled the garage and epoxy'd the garage floor, and as an added bonus to the homeowners; purchased a brand new samsung washing machine and dryer.
Investor · Los Angeles, CA · Member since 2012 · 1k+ posts · 500 votes
10y
Hey BP!
I wanted to share a recent success story on a rehab project that recently closed. The property was located in California in the Inland Empire and was purchased as a short sale. It had squatters at one point, bed bugs on the mattress, and needed a cosmetic overhaul and roof work. I primarily purchase in LA for rehab projects so this job was a bit further away (I live in the San Fernando Valley); This project shows that one can do successful projects without having a huge cash reserve in the LA vicinity.
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
I just completed my FIRST FLIP! The rehab took approximately 3 ½ weeks. The home is a 2bd, 1ba townhouse that is slightly over 1000sq ft located in Illinois.
Numbers:
Purchase Price with closing cost: $55,290.25
Rehab Cost: $28,815.60
Total in: $84,105.85
Holding cost: Roughly $450 a month (insurance, HOA fees, utilities, & taxes)
ARV: $115,000
Estimated Profit: $29,094.15
The property just went onto the market today. Here are the before and after photos! Check out my blog post about my First Flip at primetimerei.com/first-flip
Portland , ME · Member since 2014 · 35 posts · 11 votes
9y
My wife and I bought our first house in Charlottesville VA. We financed it using a 203k loan to add a master bedroom and bathroom. The rest of the renovations would be performed by me such as adding additional bedroom, bathrooms, kitchen remodel re do the floors. Once renovations were completed I then contacted Bank of America to refi into a physician loan into to get rid of the mortgage insurance to allow for better cashflow. I would be happy to discuss details about any step of this deal just PM me.
Below are details of the project and photos
House 2 bed, 1 bath, 1200sqft
Purchase Price = 220k (found on craigslist so no commission)
Total Rehab 80k (50k financed using 203k and 30k cash)
Listed for 425k received cash offer for 395k- counter offered at 420k and they accepted.
Obtained my real estate license so I could save half the commission of roughly 12k
Portland , ME · Member since 2014 · 35 posts · 11 votes
9y
No, it was our primary residence when we lived in VA. Now we live in New Hampshire by Dartmouth College and our focusing investing here and in Portland Maine area where we are both from.
Real Estate Agent · Loudon, NH · Member since 2011 · 15 posts · 7 votes
9y
Hi Christopher. That's a great profit. I'm in NH too, down by Concord and would love to connect with other NH investors. I've been a real estate agent for 20 years and have bought and sold a few primary residences with success but new to real estate investing. Eager to learn and connect with other NH investors. Are you focused mainly on flips?
Rental Property Investor · Rochester, NH · Member since 2016 · 116 posts · 27 votes
9y
@Christopher Rutherford Great job Christopher! I am over in Portsmouth, and run the Seacoast NH REI club (check events for meeting time Nov 8). Some of our members from Maine were talking about wanting to invest in the area around Dartmouth. Small world! @Link Moser If anyone wants to get together anywhere near the seacoast, count me in! Link, I think we've met, just don't remember the details.
Real Estate Broker · Manchester, NH · Member since 2014 · 630 posts · 420 votes
9y
Fantastic turn-around @Christopher Rutherford! Definitely a success story for being able to use a 203k loan to rehab and profit on a house. Craigslist sure is a great tool for finding deals...
Flipper and Buy/Hold · Cary, NC · Member since 2014 · 45 posts · 39 votes
9y
Here is a property that I did in Fayetteville, NC. I put it on the market about 2 weeks ago and it is already under contract. I have done over 50 homes. This is the biggest property I have done so far ~ 2300sf. Here are the before and after pictures.
Rental Property Investor · Mine Hill, NJ · Member since 2014 · 229 posts · 396 votes
9y
Here are some pictures from our first real estate transaction that we bought last year. Last month we did a cash out refinance and pulled out all our initial investment and down payment - $67,000.
Four Family Property in Garfield, Bergen County, NJ for $430,000
We put 10% down with no PMI at 3.99% interest for 30 years
4x 3Bedroom, 1 bath units
Gross rent while we live in one of the units is $4410/month, ~$53,000 a year
Expenses (PITI, Utilities) are $3400; factor in vacancy, maintenance costs, we probably cash flow a couple hundred a month.
We put $25k of materials into property and our own sweat equity
After One year, appraised for $550,000 ($120,000 increase)
Cash-our Refinanced ~$67,000
Wife was able to quit her Job as teacher to be stay at home Mom
We are looking for our next property
Kitchen cabinets and all appliances were bought used on craigslist
The listing agent said they were getting $1350 for this 4 bedroom 1 bath unit, after we fixed it up we are getting $1700/month
Pulled up rugs and refinished hardwood floors
Hung Shutters, Did some painting, plants - still needs some work
Added a centrally located coin operated laundry room. Both units bought on craigslist for $350, no trouble yet.
Put down plywood, so tenants can use attic space as storage.
Didn't do much to this kitchen, other than adding hardware to cabinets and appliances.
Added nice matching mailboxes to all 4 units. Got Vinyl stickers from ebay, have lasted the whole year so far - no issues
Nice marked garbage cans for the tenants, all but one was bought used off craigslist.
chimney repaired - this and the refinishing of the floors was the only things we contracted out, everything else my Wife and I did with the help of some friends.
Hard working Wifey and her Dad patching the sidewalks
Hoboken, NJ · Member since 2016 · 15 posts · 6 votes
9y
@Sunny Burns particularly inspired by your DIY overhaul as a fellow New Jersey investor. My husband and I are hunting for a similar setup (house hacking - 4 units ideal!). Was it easy to find tenants & how has your landlording experience been so far? Great job!
Rental Property Investor · Mine Hill, NJ · Member since 2014 · 229 posts · 396 votes
9y
@Lauren Perini I went to school at Stevens in Hoboken - great place. Could go for a slice of Benny's right about now.
We actually held three weekends of open houses to find out tenants. I learned while listening on the biggerpockets podcast and my own experience selling things on craigslist how bad people are at making appointments for viewings of the rental.
So we posted our rental with open house dates and times on Trulia, Zillow, Postlets, Craigslist, etc. and whenever people would call, we would say to meet us during any of the open house windows. That way we weren't wasting our own time. We actually had 30 groups show up and look at the apartment, and was able to rent out two of the units this way. One of the units we live in, and the other we rented to my in-laws.
We also created a listing through cozy.co, and had people who wanted to apply to be tenants submit their online application through their. Completely free service which I cannot recommend enough - with the application the tenants were required to also submit a background check and credit score check(All done through cozy for $35, tenants pay and you never need to hassle with collecting their personal info). The tenants we accepted continue to pay rent online through cozy.co .
The tenants that we chose have been great so far, the only complaints really being the heat situation, since there is only one thermostat(I use a nest thermostat, which I can control max and min temps) bottom tenant likes it really hot, and upstairs not so much. But I think we have it pretty well sorted now. We did have one refrigerator break... other than that can't really think of any other issues. Been as easy as I could've hoped for so far.
Hoboken, NJ · Member since 2016 · 15 posts · 6 votes
9y
@Sunny Burns thank you for the info! I have not previously heard of cozy.co, but it sounds like it has helped you put a great system in place. & yes, Hoboken is an awesome spot -- though not a place i'm looking for my first property.
Real Estate Investor · Redwood City, CA · Member since 2012 · 272 posts · 399 votes
9y
One of my more recent flips in Palo Alto, CA
3br/2ba, 1370sqft, 5200sqft lot
Purchase price: $1,600,000
Rehab: $80,000
Realtor commission: $111,500
Loan costs: $50,000
Insurance, taxes, utilities, staging: $11,000
Closing costs: 7,000
Sales Price: $2,230,000.
Net Profit: $370,000
Closed August 12th, 2016. Gave owner a free 30-day rent back. Owner left September 12th, rehab was done in 3 weeks. Listed October 19th, pending October 27th, closed November 29th.