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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Jeff Pollack
Real Estate Investor · Redwood City, CA · Member since 2012 · 272 posts · 399 votes
10y
My last flip was in Walnut Creek, CA.
Purchase price: $752,500
Rehab: $128,000
Realtor commission: $58,000
Loan costs: $68,000
Insurance, taxes, utilities, staging: $12,000
Closing costs: 3,500
Sales Price: $1,155,000, closed December 29th, 2015.
Net: $133,000
Touched every surface inside and out. Moved a couple walls, remodeled two bathrooms, added a third bathroom, remodeled kitchen, new windows and doors, added a window, resurfaced pool, landscaping front and back, added a back patio area, interior and exterior paint, roof repair, termite treatment, new flooring throughout, etc, and some surprises when opening up walls and floors.
Sweated for a month with no offers then got 2 full price offers the same weekend.
35 Reply
Judy Rae
Lender · Sherman Oaks, CA · Member since 2014 · 68 posts · 80 votes
10y
I don't feel white appliances are making a comeback but since they already had a brand new white stove I decided to go in that direction. With the light cabinets I knew it would look good anyway. I honestly don't remember the brand. I buy whatever the best looking thing is I can buy at Home Depot and or Lowes.
I did not negotiate at all because I did not want to risk losing the deal.
It was brought to me by a wholesaler.
7 Reply
Rich P.
Investor · Bay Area, CA · Member since 2015 · 34 posts · 4 votes
10y
@Jeff Pollack amazing to see a higher price point fix and flip here in WC. This is awesome. Was this through a wholesaler or how did you find it?
0 Reply
Jeff Pollack
Real Estate Investor · Redwood City, CA · Member since 2012 · 272 posts · 399 votes
10y
@Rich P. believe it or not this was bought from the MLS. There were several offers and ours wasn't even the highest. The house was inherited and the owners were concerned about their ability to remove everything within a standard 30-day close window. Since our offer included "dealing with everything" left behind they accepted. Among other things, there were a few bottles of champaign in the fridge. My wife and I cracked one the night we sold. Tasted great!
I'm looking for more in WC, and parts of Concord and Pleasanton by any and all means.
10 Reply
Craig McGowan
New York , NY · Member since 2012 · 4 posts · 1 vote
10y
Nice job! Could you share some of your biggest problems / pain points that you felt from being relatively hands-off?
1 Reply
Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
10y
@Joel Sherlock I think you win UGLIEST "before" shower EVER. Was that tile? That is hand's down the ugliest tile I have ever seen, and I've seen a LOT of ugly tile. Those 70's were so unkind...
[email protected]Podcast Guest on Show #261
2 Reply
Hugh Ayles
Cedar Park, TX · Member since 2015 · 377 posts · 200 votes
10y
I just started a thread called House flipping version 2.0 about a house we flipped in Austin.
Pictures and details are in that thread.
We listed it yesterday morning and had an over asking offer by midafternoon with 2 more offers today.
In short, it is selling for $35k more than we anticipated when we bought it.
9 Reply
Jimmy Warr
Logistics Manager · Cordova, TN · Member since 2014 · 157 posts · 32 votes
10y
I can't wait to add my 1st deal here !!
:-)
8 Reply
Ryan H
Architect · Sonoma, CA · Member since 2013 · 53 posts · 30 votes
10y
Just bought a 3/2 SFR in Dallas today that meets the 2% and 50% rules, has about $25K+ in ARV equity... all from my living room in Northern California thanks to my Task Rabbit remote assistant! Befores and afters to follow once I get the rehab completed.
7 Reply
Nelson Del Castillo
Investor · trumbull, CT · Member since 2015 · 117 posts · 44 votes
10y
Kevin Fletcher you have a eye for design, did you use a professional photographer for the photos?
1 Reply
Bill ThompsonPro Member
Rental Property Investor · Jamaica Plain, MA · Member since 2015 · 60 posts · 88 votes
10y
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...
16 Reply
Jay Dewberry
Covington, GA · Member since 2014 · 295 posts · 93 votes
10y
Wow...these are great for inspiration. Keep 'em coming!
2 Reply
Joel Sherlock
Kelowna, British Columbia · Member since 2016 · 61 posts · 108 votes
10y
Originally posted by @Mindy Jensen:

@Joel Sherlock I think you win UGLIEST "before" shower EVER. Was that tile? That is hand's down the ugliest tile I have ever seen, and I've seen a LOT of ugly tile. Those 70's were so unkind...
I felt it was my civic duty to remove that tile!
4 Reply
Nik S.
OH · Member since 2014 · 454 posts · 227 votes
10y
This was my 1st flip. It had a foundation issue so I arranged for the foundation contractor to come to the site with me on the day of showing and he gave me a bid on site. I did a complete rehab on the property. I got in contract before I finished (I would never do that again). I over improved the property but still made money. Purchased for $50k - Rehab $53k - Sold for $145k (paid only 3% commission) - Profit $35k . Purchase time + rehab time + closing = 4.5 Months. Would have been faster but had a TERRIBLE contractor that I fired :-) I have a crew of 3 guys who did all the work (subbed out certain things etc)
19 Reply
Kevin Fletcher
Denver, CO · Member since 2013 · 185 posts · 160 votes
10y
@Nelson Del Castillo yeah I used professional photographs for the listing. I appreciate the compliment. I really enjoy the design phase of my projects. Although it has gotten me into trouble in the past by spending too much. Ya hard medium to find what looks great and doesn't cost you to have budget overruns
1 Reply
James Watts
Investor · Mountain View, CA · Member since 2015 · 85 posts · 27 votes
10y
Impressive Kevin!
I'm in the process of getting my license and I hope to do something similar before the end of this year.
Congrats.
0 Reply
DeAnna Nieves
Phoenix, AZ · Member since 2015 · 17 posts · 8 votes
10y
My first flip wasn't really intended as a flip. Purchased a 2 bdrm condo in a MidCentury Modern hi-rise that I intended to live there myself. Got a private money loan for the purchase price, then used my own funds for the remodel. It was a nighmare! Among other things, I went thru 2 different contractors - the 2nd one said they could have it done in 3-4 weeks; 14 weeks later it was still not finished so had to fire them also and get someone to fix all the things they done sub-par work on, and finish the last few items. Since I went over budget, I have it on the market now so I can pay back the loan and re-coup the money I put into it. I work a regular, full time job and trying to do this remodel off-hands was draining me, lol.
Before: https://goo.gl/photos/Qc7t4fE5FpSwKyuS6
After: https://goo.gl/photos/T8S6RBKzyn2pBheQ6
Hopefully it'll sell soon!
5 Reply
Debra Hudson
Dallas, TX · Member since 2016 · 1 post · 5 votes
10y
Everyone is amazing! What great flips. I am an Interior Designer that is beginning my investor business. Thank you all for sharing! its wonderfully encouraging. I'm in Dallas with lots of opportunities. I love knowing we are all in this together......Keep Sharing!
5 Reply
Joel Sherlock
Kelowna, British Columbia · Member since 2016 · 61 posts · 108 votes
10y
@Venkata Sathish kumar kadiyala Thank you for the compliment!
@Jesus Minier I work with my contractor on the design elements, she is a pro!
1 Reply
Leonard L.
Investor · Newport Beach, CA · Member since 2012 · 129 posts · 102 votes
10y
All the other have been fix and flips, so I will post a mobile/land flip. Land is many times more risky than housing, but can have a larger upside for sophisticated buyers.
Bought 2 mobiles on 3 acre lot in Wildomar, CA at Riverside County tax auction in Spring 2014 for $135k. Knew I had great deal right off but not sure of exit strategy. One mobile was occupied and in terrible shape, other was vacant but had been rehabbed. Cash for keys on existing tenant. Takes about a year to clear tax lien auction title in CA, so in meantime I developed exit strategies. Researched idea of subdividing, since zoning and general plan allowed parcel map subdivision into four lots. Or I could just split lot and sell each mobile with 1.5 acres of land. Meanwhile, I approached owner of adjacent commercial property to see if he had a use for this 3 acres. He was interested right away, but at lower price than I wanted. We continued talking while I worked on rehab and subdivision strategies Ultimately, he decided to meet my number and bought entire property in Fall 2015, 18 months after acquisition for $325k.
Basis about $150k. Sales price $325k. Profit $175k in 15 months.
I have SFR fix and flip examples too, but none of them are this profitable.
10 Reply
John Tenori
Salt Lake City, UT · Member since 2016 · 6 posts · 4 votes
10y
These deals look amazing. Great job guys. Hopefully soon I will have my first real estate deal.
2 Reply
Lee Smith
Residential Real Estate Broker · Indianapolis, IN · Member since 2009 · 477 posts · 304 votes
10y
Ok, this is a bit of a long deal, but follow the numbers..
Bought a house in decent shape for $9,000.00. Had two giant garages out back.. It's in a bit of a rougher area, but those garages just really sealed the deal... It needs work, but It's livable.

I put 1k into cleaning it out(40 yard dumpster) and bringing my electrician in to make sure the wiring was okay..

I sold it on contract to a young woman for $3,000 down, $40,000 purchase price, at 8% interest over 15 years.

After 6 months of seasoning, my buyer had been making her payments on time. I sold 5 years of the contract for $16,641.90 to an investor who will make 10% interest over 5 years... At the end of the 5 years, I will still have 9.5 years left of earnings at 8%.

So 3k downpayment + $16,641.90 5 year selloff - 10k investment = $9,641.90 + 10 years at 8% interest... Not bad!

Thinking about it now, I might have been better off just offering a private lender 8-10% for a loan and put a lien on the property instead of guaranteeing the loan in case the buyer defaults.
7 Reply
Aaron Linde
Investor · Kennewick, WA · Member since 2016 · 25 posts · 17 votes
10y
Originally posted by @Maricela Chavez:

I bought a home for 47k put about 60k into it. I have listed it for 180k. Got full price offer 3 days later after listing it on Zillow for sale by owner. I am going to pay 5400 in commission. If it closes I should make about 67k. It needed sooooooo much work! It really did turn out beautiful! It was basically down to the studs. Everything is new. Now I'm thinking I may have underpriced it. Not sure how to add pictures on here from my Cell.
Don't worry too much about second guessing your sale price. The name of that game is "Flip It" and you did! Great job!
4 Reply
Kay Kay Singh
Rental Property Investor · Fort Wayne, IN · Member since 2016 · 258 posts · 177 votes
10y
I just bought two flips this week , one of them does not need much work on it may be just the paint and carpet and bought for $90000 and may be $7000 on rehab and ARV $129900 and the second bought at a sheriff sale for $46201 and needs about $15000.00 rehab and ARV $75000.00. It is just an estimate and let us see what happens next. I will come back and post the result once sold.
8 Reply
Bhekizwe M.
Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
10y
there are some amazing finishes and detailed work. well done
1 Reply

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