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.
Flipper/Rehabber · Liberty · Member since 2016 · 22 posts · 27 votes
10y
This was my 4th flip. We negotiated on the price to buy for $186000. Did all the work in house with my family who is all carpenters. The 3 of us worked 5 weeks 16 hour days and the finished project turned out amazing! Here is the link with before and after pics. She lasted 2 days on the market before having a full price offer. We are still filling out the paper work but a purchase of $186,000. Rehab cost of 17,000. With a gross profit of $57,000!
For all you flippers in the Kansas City area and Denver area I do custom terrazzo countertops. Mention bigger pockets and we an give a discount off the total project.
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
10y
@Tyler Evans surely your rehab cost of $17,000 does not include your labor of 1,440 man-hours. Your profit of $57,000 translates to about $40 per hour (assuming 6 days a week).
Flipper/Rehabber · Liberty · Member since 2016 · 22 posts · 27 votes
10y
@Bill S. of course not I was generalizing, so To go in more detail. Each family member was between jobs (they are superintendents). Each spent about 15 days on the project while I was there full time. Each got $6,000 a piece.($25 an hour) So $186,000 purchase, $29,000 with materials and labor with gas and food included. Sales price of $260k. Gross, $45,000, minus realtor fees ..leaving me with $30,000 for 5 weeks of work, 5 days a week or an average of $75 an hour.
Real Estate Investor · San Jose, CA · Member since 2016 · 80 posts · 35 votes
10y
My first flip was when I was in my late 20s. I purchased it for 222K on a short sale, held it for 1 year doing all the newbie mistakes you can think off. It was a complete gut out, but at the end I couldn't believe I made profit. I ended up selling it for 336K a year later.
I'm on my 2nd flip now and currently negotiating a pocket listing sale. Fingers cross I get this. I'm planning to do a blog every step of the way here or on my blogging site:
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.
great job. was this a single family what area was this
Huge learning experience, but I don't think it could've really turned out better. Beautiful when it was completed. Got an offer from the first person that walked through it three days after we listed it. Probably priced it too low, but we wanted to stay under the 100K price point to increase our pool of buyers. I'm happy with the result.
Wholesaler · Philadelphia, PA · Member since 2015 · 14 posts · 8 votes
10y
Truly inspirational stories. I'm contemplating on selling my first house over the next year or so because I no longer live in the same area. The house could really use some upgrades and artistic touches before selling. I'm born with artistic gene deficiency, any advise from the experts on a magical formula to shine up a house?
Investor · Burlington, VT · Member since 2016 · 110 posts · 59 votes
10y
this was a hoarder house that took us way longer than we wanted because we have college rentals turning over and also finishing another flip . i think we were about 10 months , part of the reason was i found a gold coin the first 2 days going through stuff ,and wanted to look at everything , that was pretty much the only valuable in the place :( did find some cool historic things from war , but not much value . we paid about $150k , we put in about $70K ( including trash removal, taxes, holding costs ) and sold for $293k .
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.
Real Estate Investor · State College , PA · Member since 2009 · 594 posts · 173 votes
10y
Some of my top deals, based mostly on $/hour criteria. Note the $/hour does not include all the deals that I analyzed and passed on to get to the good deals. It also does not account for the many hours spent in my van driving to these far distant homes.
My average hourly rate is 250/hour. I have had a handful of deals I spent hundreds of hours on and made nothing. I have never lost money on a flip.
********************* Deal 1
Kunkletown, Pa - County courthouse foreclosure
Purchase Price 10k
Rehab 5k
My time - 60 hours
Sale price 120k, anti flip law forced second appraisal which came in at 113k. Discounted it at 113k to make the deal happen.
Hold time 7 months - crazy amount of time to close.
Profit 88k
Pay rate $1500/hour
********************* Deal 2
Sayer, Pa - County courthouse foreclosure
Purchase Price 4k
Rehab 0k
My time - 8 hours
Sale price 32k
Hold time 4 months - crazy amount of time to close.
Profit 29k
Pay rate $3600/hour
*************** Deal 3
Sinking Springs, Pa - County courthouse foreclosure
Purchase Price 24k
Rehab 0k
My time - 8 hours
Sale price 84k
Hold time 14 months - Rented to previous foreclosed owner, for a year, then her son got a mortgage and bought it back from me.
Profit 77k
Pay rate $4500/hour
*********** Deal 4 *****************
Weatherly, Pa - County courthouse foreclosure
Purchase Price 17k
Rehab 0k
My time - 10 hours
Sale price 38k
Hold time 6 months.
Profit 34000
Pay rate $3400/hour
*********** Deal 5 *****************
Worster, NY - County courthouse foreclosure
Purchase Price 5k
Rehab 2k
My time - 50 hours
Sale price 42k
Hold time 2Years. Rented to previous owners - then booted them
Profit 42k
Pay rate $840/hour
*********** Deal 6
Athans, PA - Purchase flood home off of facebook
Purchase Price 16k
Rehab 6k
My time - 100 hours
Sale price 52k
Hold time 3 Years. Rented for 1200/month - Gas guys
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.
Nice work!! love the shower especially. We did a similar house in Hudson recently, major foundation issues as well.
Investor · Jackson, MS · Member since 2013 · 56 posts · 42 votes
10y
This is my latest flip. I purchased the property on a online auction site. Most of the work was trash out and updating. Put on a new roof, new HVAC system, added a master bath, upgraded with granite. With multiple bids, had the property on the market 24 hrs and under contract.
Flipper/Rehabber · findlay, OH · Member since 2015 · 118 posts · 46 votes
10y
Just wanted to share the good news with my BP Family. You all told me to Jump, and I said how high!
I took the leap away from analysis paralysis last week as I have been eye balling an REO during Fannie Mae's First Look. let me tell you.... Those 15 days were the longest day's of my life haha. When it hit the MLS, I was the second offer in, however my MPP allowed me to offer asking price. The first offer turned out to be a low ball offer and I just found out today that my offer has been ACCEPTED!
Here our my Layout:
Actual Purchase Price: 93,900 ~4,000 less. I know we can sell it for 194,000.00 but we will go a little above comps. Fixed/Holding Costs around 26,340/@6 Months Rehab Costs: 40,000 Leaving a profit of 30,000 for our first flip
If we stay firm on our Rehab costs, and we sell higher than comps (Perfect world) We may make close to $40,000 or $50,000. Wish us luck!
Our last question for you is.... What's next? Does anyone have a process laid out on the steps after the offer has been accepted? J Scott has a process list from his first book that I have outlined, but want to hear if any others have amended to that list and or found something that is easier?
Looking forward to everyone's responses! Happy Flipping!
Flipper/Rehabber · Columbus, OH · Member since 2013 · 1k+ posts · 655 votes
10y
I have 2 deals to talk about.
1. This first one is in the desirable area of Upper Arlington inside Columbus, Oh. We paid $175k for the property, we put about $80k into the rehab, and had a full priced cash offer of $360k on day 2 on the market. After all rehab, holding and selling costs, we netted $94k on this project.
2. This next deal was a product of our marketing. We purchsased a SFH and a townhouse in Westerville for $11k total, then we had to pay another $8k or so in back taxes and condo fees. After rehab we are all in to these 2 properties for about $51k total. The current value of both are about $40k for the condo and $120k for the SFH.
It took us 4 months to put this whole deal together but at the end of the day they will rent for $2000 total and we will have about $110k in equity in them that we plan on pulling some of it out for future deals!