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

Real Estate Deal Analysis & Advice
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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!

35Reply
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Most Popular Reply

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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  • Jared Cauffield
    Rental Property Investor · Columbus, OH · Member since 2017 · 42 posts · 16 votes
    9y

    @Jonathan Soto That is exciting!  I wish you luck in your first project this summer!  One of the first deals my first business partner and I did was a 203k deal.  I think it's a good way to start!  Keep us posted.

    1Reply
  • Latoya Gordon
    Investor · Atlanta, GA · Member since 2015 · 42 posts · 23 votes
    9y
    Originally posted by @Cindy Veit:

    Here is a recent flip I did in Stedman, NC (near Fayetteville, NC).  The house was in really good condition to begin with.  We just opened up the floor plan by changing the configuration of the kitchen.  The house sold in 4 days.  The rehab budget was $20,000 (paint, carpet, flooring, vanities, cabinets and counters).  I bought the house for $81,000. I sold it for $142,000.  Minus the realtor fees and concessions, I made about $25,000.

    I am always looking for more deal sources!

     WOW, Great deal, Congratulations Cindy, may I ask how did you sale the home? For sale by owner or did you choose to list with an agent? 

    0Reply
  • Latoya Gordon
    Investor · Atlanta, GA · Member since 2015 · 42 posts · 23 votes
    9y

    Good Morning/Afternoon/Evening's BP!

    Me and my Husband bought a property in the winter 2016. Looking for properties is already a hunt in itself, and then there are the numbers. As a young girl I use to hate math but as an adult numbers seem to make me the happiest of my last few months & days ;-) The property was only a 2bedroom/1bath and 981 sqft. After a Wonderful 3/2 and laundry hookup with.......

    1,184 sqft! A productive 5 months! Purchase: $88,000, Rehab: $35,000, Holdings: $5,000 Hicups: $3,000 Listing: $190,000 Estimate Profits: $80,000 The property is currently up for sale....MLS#8172315 GAMLS.....Now REPEAT!

     https://www.zillow.com/homes/for_sale/1705-W-Forre...

    5Reply
  • Cindy Veit
    Flipper and Buy/Hold · Cary, NC · Member since 2014 · 45 posts · 39 votes
    9y

    I ALWAYS list with an agent.  

    0Reply
  • Kris Langford
    Portland, OR · Member since 2016 · 9 posts · 4 votes
    9y

    Great looking Transformation. How much of the work did you and your husband do? In my area it doesn't seem possible to spend 35k to get so much work done. 

    Great job, Good luck with the sale and your future houses.

    0Reply
  • Latoya Gordon
    Investor · Atlanta, GA · Member since 2015 · 42 posts · 23 votes
    9y
    Originally posted by @Cindy Veit:

    I ALWAYS list with an agent.  

     How quickly do you sale when you do?

    0Reply
  • Latoya Gordon
    Investor · Atlanta, GA · Member since 2015 · 42 posts · 23 votes
    9y
    Originally posted by @Kris Langford:

    Great looking Transformation. How much of the work did you and your husband do? In my area it doesn't seem possible to spend 35k to get so much work done. 

    Great job, Good luck with the sale and your future houses.

     Thanks Kris! We did very, very little on this project and hire professionals for all including the landscaping. 20K + goes a long way with the right kind of contractor, which are difficult to find in my area on short notice. I learned with any project this size its good to have extra money or helping hands near by. 

    0Reply
  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    9y

    Laytoya Coleman I have not done residential in a very long time but it seems from your post the expected numbers are off some by what you posted.

    (1,184 sqft! A productive 5 months! Purchase: $88,000, Rehab: $35,000, Holdings: $5,000 Hicups: $3,000 Listing: $190,000 Estimate Profits: $80,000 The property is currently up for sale....MLS#8172315 GAMLS.....Now REPEAT!)

    _____________________________________________________________________________________

    The numbers I am possibly seeing:

     My evaluation instead: 88,000 + 35,000+ 5,000 + 3,000 = 131,000 costs. Even if sold at 190,000 - 131,000 costs = 59,000 and not 80,000 profit. You also have to take out commission costs and buyer closing costs buyers typically get as a credit from the seller. 190,000 X .10 = 19,000 ( 6% commission and 4% closing costs credit to buyer) = 40,000 gross profit before taxes. This is if you get asking price. Sell for 10k less and you get 30,000 gross / 5 months = 6,000 a month return. Always run the numbers to get real returns.

    Looking at comps also it appears that price is high for the sq ft compared to other sq ft and home prices in the area. When an investor looks at rehabbing look at recent sold properties that are comparable and if the market is staying flat, declining, or going up each month and by what percentage so you can trend out expectations when the property goes to market.

    I hope it goes well for you and sells but if not make sure you can covert the hard money loan to a regular loan so you can hold as a rental. Even if you break even to get out of it or make a little profit I am sure it was a learning experience.

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    5Reply
  • Seth Nanton
    New Brunswick, NJ · Member since 2017 · 7 posts · 3 votes
    9y

    These are all inspiring , thank you for sharing. I need to get my toes wet lol

    0Reply
  • Account Closed
    Investor · Leander, TX · Member since 2016 · 296 posts · 402 votes
    9y

    Birmingham, Alabama (Pinson)

    1975 Split Level 3 bed 2 bath 1 car garage 1,200 SQ FT; Metal Roof

    ASKING:$75,000; BOUGHT:$70,000 (C Class Property) 25% down; 4.25%

    REHAB: $9,000

    RENT: $875; (Going up to $893 on the new lease)

    ANNUAL PROPERTY TAXES: $901

    Put on the market May 18, 2016

    1st Application received and processed May 20, 2016

    2Reply
  • Account Closed
    Investor · Leander, TX · Member since 2016 · 296 posts · 402 votes
    9y

    The exterior

    Located near Turkey Creek and Jefferson Community College

    1Reply
  • Cayce Baierski
    Flipper/Rehabber · Fresno, CA · Member since 2017 · 34 posts · 17 votes
    9y

    Just completed our first fixer-upper in Spring, Texas (a booming suburb of Houston). However, we bought this as a HUD Foreclosure with the plan on living in it for 2 years, doing the majority of the work ourselves, and learning as much as we can along the way. Future flips will be done on a much faster timeline.

    Bought at: $100k

    Put in: $25k

    Asking price: $165k (just put on the market on Friday, April 28) so far we are the highest viewed property in our area and the Realtor we are using is expecting 3 offers to be in before the end of the day today. Our original goal was $160k so we are pleased our Realtor expects at least $165k out of it. Fingers crossed!

    BEFORE

    AFTER 

    2Reply
  • Audrey Ezeh
    Real Estate Investor · Las Cruces, NM · Member since 2016 · 186 posts · 173 votes
    9y
    Originally posted by @Cayce Baierski:

    Just completed our first fixer-upper in Spring, Texas (a booming suburb of Houston). However, we bought this as a HUD Foreclosure with the plan on living in it for 2 years, doing the majority of the work ourselves, and learning as much as we can along the way. Future flips will be done on a much faster timeline.

    Bought at: $100k

    Put in: $25k

    Asking price: $165k (just put on the market on Friday, April 28) so far we are the highest viewed property in our area and the Realtor we are using is expecting 3 offers to be in before the end of the day today. Our original goal was $160k so we are pleased our Realtor expects at least $165k out of it. Fingers crossed!

    BEFORE

    AFTER 

     Looks great!! Did you paint the brick? 

    0Reply
  • Cayce Baierski
    Flipper/Rehabber · Fresno, CA · Member since 2017 · 34 posts · 17 votes
    9y

    Thanks @Audrey Ezeh! No, we just pressure washed the outside.

    0Reply
  • Audrey Ezeh
    Real Estate Investor · Las Cruces, NM · Member since 2016 · 186 posts · 173 votes
    9y

    I thought as much! It looks amazing! Nicely done :)

    0Reply
  • Nikolas Ferreira
    Flipper/Rehabber · Boca Raton · Member since 2015 · 231 posts · 81 votes
    9y

    looks Nice @Cayce Baierski this past friday we just bought our first house to flip in Spring on Beaufort dr. The work will begin there this week, since our guys are close by in magnolia working on the other flip.

    0Reply
  • Cayce Baierski
    Flipper/Rehabber · Fresno, CA · Member since 2017 · 34 posts · 17 votes
    9y

    @Nikolas Ferreira that's really close to ours! Here's our listing so you can see where our property was at in comparison. (https://www.redfin.com/TX/Spring/9519-Rannock-Way-...)

    It's a great area I think you should do well there. Mind if I ask what you bought the house at and how quickly you plan on finishing the flip?

    0Reply
  • Jeff Schneider
    Residential Real Estate Agent · Phoenix, AZ · Member since 2016 · 154 posts · 117 votes
    9y

    Don't have the final numbers yet. This is our current Phoenix Arizona flip. Should be hitting the market this week. 

    Before

    3Reply
  • Brock VandenBerg
    Real Estate Investor · San Diego, CA · Member since 2014 · 52 posts · 39 votes
    9y

    Here are some before & after images of a flip with financed in Concord, CA.

    Link to Before & After images

    1Reply
  • Justin Eaton
    Engineer · Magnolia, NJ · Member since 2016 · 133 posts · 135 votes
    9y

    I shared my flip story here! Let me know your thoughts! 

    https://www.biggerpockets.com/forums/223/topics/44...

    0Reply
  • Jesse Tsai
    Investor · Las Vegas, NV · Member since 2011 · 188 posts · 116 votes
    9y

    Heres a recent one I completed in Las Vegas:

    3 bed /2 bath ~1700sf single story

    Purchase Price + closing costs: $169K

    Rehab and holding costs: $ 18K
    Sold for $215K
    Closing costs: $2600

    Buyer agent commission: $6400
    Profit:  $19K

    Most of the rehab was pretty light, consisting of flooring, painting cabinets, countertops, appliances, and replacing an AC unit.
    Margin was a bit tight, however, the light amount of rehab and the quick turn made up for it. 


    2Reply
  • Matt Pritchard
    Rental Property Investor · Overland Park, KS · Member since 2016 · 205 posts · 85 votes
    9y

    1 year ago we made the leap into real estate. Moved halfway across the country. Started something new.

    This past year we acquired 3 rentals that we have placed tenants in, and another we are currently working on. We flipped and sold 2 properties, and have a 3rd under contract to start work on in June. We also have a giant historic Hyde Park home (great historic part of Kansas City) on 3 lots under contract that we will turn into several separate apartments. And then build our first new construction on one of the empty lots.

    What a year. Huge thanks to the BP community. It's been connections from here, timely advice, and certainly some luck that made it all happen.

    Here are the before and after pictures of our latest flip. We close on June 9th.

    Purchase: $180,000 (February 2017)

    Rehab: $65,000

    Sales Price: $325,000

    5Reply
  • Mark Ferguson
    Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
    9y

    I have 20 flips going at the moment and here is one of the last ones we sold. Everyone has some good stories, but I will share one of my worst of the year! 

    I bought this property in Wellington CO for $140,250.

    I spent about $32,000 on the rehab which was new kitchen, bath, paint, flooring, some drywall, added a bedroom, and a lot of minor stuff. 

    I had about $15,000 in carrying costs, selling costs, and closing costs

    I had to replace the sewer line before closing for $7,500

    I got back $4,200 by being the buyer's agent when I purchased it

    We sold it for $209,000

    Profit $18,450, but it could have been much better! The home was under contract for $224,000 but the appraisal came in $15,000 low! We challenged it with no luck. 

    2Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    I don't know how to put pictures on a website like this.. but here is a link to a new construction Charleston we closed on to our new owner last week.

    https://www.zillow.com/homedetails/62-Poplar-St-Charleston-SC-29403/2106622699_zpid/

    1500 sq ft new build closed at 550k.... bought lot for 120k spent 200k building it.

    550 > 5%  commish = 27,500  +  cost of capital another 15k or so.. misc I will say 5k

    got a proceeds check for 180k  paid my contractor bonus and pocketed about 150k.

    881 Ashley in Charlston closes today at 720k  same margin... or maybe a little more.

    so nice almost 400k NET profit month for the good guys  LOL... Boy I love this market right now.

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    4Reply
  • Zachary Gwin
    OP
    Rental Property Investor · Denver, CO · Member since 2015 · 154 posts · 266 votes
    9y

    Hey @Jay Hinrichs

    To add your photos click the "Image" tab in the text box to add your photos!

    0Reply
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