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

106Reply
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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    @Zachary Gwin  how do I get them from my phone or e mails to my computer and then to this site.. that's were I am stuck.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    0Reply
  • Sandra Kennedy
    Human Resources Manager · Shawnee Mission, KS · Member since 2017 · 18 posts · 3 votes
    9y

    From your phone email them to yourself.  Then open your email on your computer and save them to a folder or your desk top.

    0Reply
  • Zachary Gwin
    OP
    Rental Property Investor · Denver, CO · Member since 2015 · 154 posts · 266 votes
    9y

    @Jay Hinrichs Do you have an iPhone? Or something else? If it's an iphone. Plug it into your computer. It should automatically prompt you to import the images from your phone to the computer. It's a bit tricky to explain over text. But there's nothing that YouTube can't help you out with ;) 

    0Reply
  • Buddy Holmes
    Investor · North Charleston, SC · Member since 2017 · 277 posts · 91 votes
    9y

    @Jay Hinrichs, Life is Good!

    1Reply
  • Latoya Gordon
    Investor · Atlanta, GA · Member since 2015 · 42 posts · 23 votes
    9y
    @Mark Ferguson:
    Thanks Mark for the honesty. I tend to also think of that myself like We know there is plenty of great success stories but what about the bad ones or ones that didn't go as planned it would be good to hear so we all can avoid those minor common mistakes.  

    Latoya Coleman

    2Reply
  • Edgar Martin
    Peoria, AZ · Member since 2017 · 27 posts · 4 votes
    9y

    @Euan Arcia

    Where is the applause button?! Phenomenal job Euan!

    0Reply
  • Troy Ramey
    Investor · Corinth, TX · Member since 2017 · 2 posts · 3 votes
    9y

    We recently finished our first flip just north of Dallas. We bought the home for 138K on February 1st and closed on May 26th for 198K. We went way over budget on the rehab at 35K but still walked away with about 20K in net profit. It's certainly not a record amount of profit, but I had a really good time completing it and I learned a lot! We're currently looking for a buy and hold property in the same area.

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

    Here is a flip I sold 5/26/17.

    Bought for $110,000 from the MLS.

    Put about $45,000 into the rehab.

    Had around $17,000 in holding and selling costs.

    Sold for $240,000 after a list price of $219,900 and 5 offers. 

    Made over $60,000 on it not counting the agent commission I made when I bought it. 

    This was in Fort Lupton CO.

    I have 17 Flips going at the moment. Sold 10 so far in 2017, and bought 11. 

    4Reply
  • Mark Ferguson
    Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
    9y

    Here is another flip we sold 5/29/17. 

    This one we bought for $155,000 from the MLS in Wellington CO.

    I put about $40,000 of work into it. 

    We sold it for $254,000 with about $21,000 in holding costs.

    Profit around $38,000 without counting the commission I made as the buyer's agent when I bought it. 

    2Reply
  • Bobby Nilsen
    Rental Property Investor · Los Gatos, CA · Member since 2017 · 123 posts · 131 votes
    9y

    First off, as I always get interested with pictures here are a few before and after pictures. I have also put a few links to all our marketing at the bottom.

    The Swiss Cheese model is a model used for determining how accidents are caused. I am going to flip that model and use it for real estate and how each layer of cheese lining up with the next makes the deal that much better and when they all line up it's a home run. For this deal all the holes in the Swiss cheese block lined up perfectly and the outcome was not an accident.

    The way we found this deal was through the good 'ol MLS. It wasn't listed for more than a few minutes before we saw it, and of course we knew a 4-plex with 2bd 1ba units at $1.2m it was a smoking deal. Many may gasp at that but in the heart of San Jose a few blocks from the university no one would blink twice at paying that. We didn't and immediately contacted the real estate agent and made a full asking offer. By the next afternoon it was in contract. That was the hardest part. Getting this property in contract was lucky but behind that luck was a lot of hard work and energy. Like they say luck favors the prepared and we were through the first layer of cheese.

    We now had the property in contract and realized what we were up against. Well we kind of already knew. But we had super low rents and tenants that had lived there for many years. Total rents for the building were about $4,400. Once we closed we quickly worked with the tenants and they gave us notice and all of them were moving out within the next 2 months. That part could not have gone smoother and with any other tenants it may have not worked out the way it did. Another slice of cheese in line.

    Once the first tenant left we started getting bids for work. We haven't done too many deals, about 8, so we don't have a solid team. We figured this was going to be the property that we build that team. We interviewed and got quotes from about 10-20 subs to do all the different pieces of work and about 5-10 GC's to do the project as a whole. We ended up choosing one of the GC's and got that next slice of cheese lined up. We got quotes anywhere from $30k-$50k a unit. we ended up paying a total of about $30k per unit and the total work took 1 month for all four units. This team was in and out and every day we stopped by the property looked completely different. I think we can give them two slices as they were exceptional.

    During the time we were looking for contractors we were also looking to sell it for a quick $400k profit. We didn't really get any bites, a few tire kickers telling us we were crazy thinking this will sell for close to $2m with rents above $2,600. In addition during this time we started reaching out to multifamily agents that had sold a lot of properties in the Silicon Valley and were getting their opinions on rents and resale value. All said getting over $2m would probably not happen as it would be breaking a lot of records and getting rents at $2,700 or above would be tough. This kind of gave us the kick in the but to see what we could do.

    After the rehab was done we started advertising the units for rent. It was quite slow at first but after a week or so we started getting way too many inquiries and had three of the four units rented. Two at $2,700 and one at $2,800. The holes in the cheese just kept lining up for us, we were anticipating when they would stop. We left the best unit vacant and staged for showings. We created a marketing package, link to view is below, and blasted it to our inner network at $1,988,888 with a commission for an off market sale at 3.5%. We had a few people interested at the $1.9m mark but figured with the little exposure we got we weren't going to need to go below our asking off market. We got it listed and the phone started to ring. We got two offers over asking and ended up taking the offer at $2.018m. This was the last and best piece that was right on point, the offer we accepted was cash with a 7 day close and non contingent.

    After rehab and holding costs we were into the property for just under $1.4m and walked away with over $600k. All our slices of Swiss cheese lined up ever so perfectly for our first multi family flip. After all was said and done a few of the agents who wanted the listing didn't believe we sold it for over $2m. With this sale set a few records for a 4-plex sale in San Jose.

    Any questions ask away.

    Marketing Package

    https://drive.google.com/open?id=0B-UqmCuMV9cwZFFY...

    Flyer

    https://drive.google.com/open?id=0B-UqmCuMV9cwS2Fu...

    Before and After

    https://drive.google.com/open?id=0B-UqmCuMV9cwZmVt...

    7Reply
  • Account Closed
    Portland, OR · Member since 2017 · 12 posts · 6 votes
    9y

    This entire thread is super inspirational but @Bobby Nilsen your project was especially inspiration with myself wanting to get into multifamily real estate, keep it up I will be looking out for you and your future projects and ventures

    0Reply
  • Jake Knight
    Lender · Elk Grove, CA · Member since 2016 · 190 posts · 94 votes
    9y

    @Bobby Nilsen Thank you for sharing and congrats on your success with this deal. I wanted to see if you could elaborate about the process of the tenants leaving. Did you offer cash for keys? This was a rent-controlled building, right? 

    0Reply
  • Bobby Nilsen
    Rental Property Investor · Los Gatos, CA · Member since 2017 · 123 posts · 131 votes
    9y

    @Account Closed You are correct the property is under rent control. Buying them out would not make it eligible to bring rents to market. I think I remember seeing something in the ordinance about coercion to give notice or something along those lines. In addition as you probably know there is a new and more stringent ordinance that came out last month, so San Jose is getting very close to San Francisco. So we just got lucky with the timing and everything. If you are ever looking for a partner or someone to wholesale a property to please keep us in mind, we are always looking. In addition, we currently have a few properties closing in the next couple months if you are interested. 

    2Reply
  • Vince Russell
    Real Estate Agent · North Richland Hills, TX · Member since 2017 · 10 posts · 1 vote
    9y

    My wife and I just got into real estate investing about 5 weeks ago. Within 2 weeks, we found our first flip. Details are:

    PP: 175k

    ARV: 337k

    Repairs: 60k

    Holding Costs: 21k

    Realtor: 10k (I'll be the listing agent)

    Projected profit: 71k

    It's currently a 4 bed, 2 bath, 2123 square foot home. We're adding a half bath downstairs and a mud room to the garage which should give it another 50-60 sq ft. 

    If I remember, I'll come back and do before and after photos when it's finished. :)

    0Reply
  • Matthew GravesPro Member
    Investor · Charlotte, NC · Member since 2017 · 36 posts · 11 votes
    9y

    My father and I did our first flip last year on a REO property. Did all the work ourselves, new roof, updated electrical/plumbing, ripped out all of the plaster and lath (built in 1925), but tried to keep that old charm at the same time.

    Purchase Price: 25k

    Reno cost: 20k

    Sold for 85K

    Holding: 4k

    Realtor fees: 5k

    Profit: 31k

    2Reply
  • Austin Fruechting
    Investor · Kansas City, MO · Member since 2017 · 791 posts · 1k+ votes
    9y

    What started out as a flip, ended as a BRRR with $14.5k tax free in my pocket and a cash flowing property at good amount going forward! So not exactly a flip, but same end result...

    Full details here: https://www.biggerpockets.com/forums/311/topics/434246-duplex-under-contract---flipping-karma-and-a-new-toy

    1Reply
  • Austin Hughes
    Rental Property Investor · Lubbock, TX · Member since 2015 · 455 posts · 182 votes
    9y

    I am closing on one next week that I got at $75,000, putting $35,000 into it, and ARV is $150,000. This was a network referral on an estate that has gone through probate. I'll post pics soon!

    Closing on one in 2 weeks that I got for $8,500, putting $40,000 into it and selling it for $95,000! It is a full gut job, and I've already got my contractors set to go as soon as I close! Best part about this is I'm helping an older gentleman pay back money to his mom that he borrowed...nobody else could handle this house and the city was going to bulldoze it, but now that I'm buying it he will be able to pay back his mom!

    1Reply
  • Austin Hughes
    Rental Property Investor · Lubbock, TX · Member since 2015 · 455 posts · 182 votes
    9y
    0Reply
  • Lucy Balyan
    Investor · San Ramon, CA · Member since 2016 · 61 posts · 15 votes
    9y

    Hi All,

    here is mine before and afters

    initial project: $40K

    spent 15% over for unforeseen or required items

    took 3 months and I have been renting it since

    0Reply
  • Charles A.Pro Member
    Rental Property Investor · Jacksonville, FL · Member since 2015 · 208 posts · 282 votes
    9y

    Self professed conservative investor here.

    1-2 deals/year since 2011=12 units.

    All SFRs and duplexes.

    Currently under contract for a 4-unit in Jacksonville and an 18-unit apartment complex right on Lake Erie in Cleveland OH.

    That would double my portfolio in one year.

    All made possible by dogged determination and principles learnt on the BP 

    podcasts while commuting to work part-time as a physician. 

    Both deals found on MLS and LoopNet.

    Who says the great deals are now only off-market?

    Pictures to follow once we close.

    @Mindy Jensen,I can talk in detail about this on the Podcast if you want.

    #ShamelessPlug

    lol.

    2Reply
  • Pang Poeng
    Homeowner · Everett, WA · Member since 2017 · 8 posts · 10 votes
    9y

    I really like the bathroom @Joel Sherlock, well done. I've been looking at bathroom pictures as I'm remodeling one right now.

    0Reply
  • Guillaume D.
    Real Estate Investor & Marketing Specialist · Montreal, QC · Member since 2013 · 182 posts · 367 votes
    9y

    Here is one of the dozen flips I have completed so far. Bought a house in a Montreal, Canada suburb from someone who was having a lot of financial problems. Owner was going to lose the house to the bank, so we were able to buy it quickly from him before the bank took over. This way, he didn't lose the house and got a few thousand dollars in his pockets. 

    Purchase price - 100k

    Rehab costs - 35k (2.5 weeks of work by my entrepreneur)

    Sold for 235k in 6 days (got full ask)

    After taking out purchase, holding and closing costs, gross profit was about 75k in less than 3 months!

    Before Pics (just a few)

    After Pics (just a few)

    1Reply
  • Angela Rodamilans
    Interior Decorator · San Antonio, TX · Member since 2015 · 3 posts · 1 vote
    9y

    @Guillaume D.- Amazing Job!  
    We did this one last year, it was a disaster!  It was a Crack House. Cute little cottage, totally beat up, abused and abandoned.   Loved that we restored it - the neighbors were thanking us for rescuing this home.  We sold it very quickly, full ask.  

    Purchased $70,000

    Rehab $20,000

    Closing/Carrying Costs $11,600

    Sold $129,000

    Profit $27K 

    https://photos.google.com/share/AF1QipPaBl4WRb1cLsjcDRMrrwA-3DVzMUqsVVLZNQmUQ9r3FlkolLjsBbstng14YmzEQw?key=RGdQRFpHbWhvYmxiWU5GMUYzTk1pR3o2NW5CU1lR

    1Reply
  • Guillaume D.
    Real Estate Investor & Marketing Specialist · Montreal, QC · Member since 2013 · 182 posts · 367 votes
    9y

    @Angela Rodamilans Back at you ;)!

    0Reply
  • Jeff Morelock
    Rental Property Investor · Marianna Florida · Member since 2011 · 357 posts · 169 votes
    9y

    You never know where your next deal is going to come from. My last one came from a dating app. I met a very nice lady on one, and when I told her what I do, she told me her neighbors across the street was talking about selling their house. 

    I called the owner, got the house under contract, and one of my partners had a buyer who just closed on it today for a $15,000 assignment fee. 

    0Reply
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