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!

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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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Huy N.
Houston, TX · Member since 2013 · 481 posts · 189 votes
10y
Before
After
Full post here:
https://www.biggerpockets.com/forums/223/topics/285533-a-cleaner-job
8 Reply
Matt Welch
Flipper/Rehabber · San Diego, CA · Member since 2010 · 76 posts · 21 votes
10y
Originally posted by @Joe Homs:

The property was sold last Friday. One day on the market with $740K cash offer. Here are the final numbers on this flip.
PP: $570K
Rehab $72K
Sales Price $740K
Minus Commission/Closing $30K
Profit $68K
https://www.flickr.com/photos/124871488@N02/sets/72157661641790511/show?rb=1
Nice to see a good buy at the trustee sale. I like the renovation quite a bit.
2 Reply
Account Closed
Rental Property Investor · IN · Member since 2015 · 125 posts · 93 votes
10y
@Tyler Evans, scrolling through this post, saw your flip house. My parents live on this street in Lee's Summit! Don't usually see one on here that I know exactly where it is located.
0 Reply
John Landmark
Real Estate Professional · Miami, FL · Member since 2014 · 21 posts · 0 votes
10y
Excellent!
0 Reply
Shay Kent
Investor · Dunedin, FL · Member since 2015 · 36 posts · 23 votes
10y
Our FIRST one!
Bought at $245,000
Repair $75,000
Sold $387,000
It's amazing what you learn on the first one. We made some money on it, not as much as I'm sure a seasoned flipper would have, but for our first one, I'm calling it a win!
12 Reply
Stone Timber
Investor · Chicago, IL · Member since 2015 · 35 posts · 12 votes
10y
Originally posted by @Kevin Fletcher:
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.
Hi Kevin
Great work. Would you mind sharing where you purchased your kitchen cabinets from?
Thanks
0 Reply
Kevin Fletcher
Denver, CO · Member since 2013 · 185 posts · 160 votes
10y
@Stone Timber Thanks for the feedback. I purchased the cabinets from J&K cabinetry they have good prices but you have to jump through some hoops to get your company registered with them to be able to purchase their cabinets.
0 Reply
Stone Timber
Investor · Chicago, IL · Member since 2015 · 35 posts · 12 votes
10y
Originally posted by @Kevin Fletcher:

@Stone Timber Thanks for the feedback. I purchased the cabinets from J&K cabinetry they have good prices but you have to jump through some hoops to get your company registered with them to be able to purchase their cabinets.
Thanks very much. Will look into it.
0 Reply
Beautha Fuller
Upper Marlboro, MD · Member since 2015 · 4 posts · 0 votes
10y
Nice Job! Keep up the nice work. Do you have the beore photos?
0 Reply
John Mathewson
Developer · Hobart, IN · Member since 2014 · 773 posts · 225 votes
10y
Just a few pictures of our before and after project in Shorewood Forest subdivision in Valparaiso. Loved this project def had to use some vision when we bought this one.
3 Reply
Beautha Fuller
Upper Marlboro, MD · Member since 2015 · 4 posts · 0 votes
10y
Nice Job! Keep up the nice work. Do you have the before photos?
0 Reply
Mike York
Investor · Valparaiso, IN · Member since 2014 · 175 posts · 43 votes
10y
We had friends that rented that house a couple of years ago so I was familiar with the old layout. You did an amazing job!
0 Reply
Debbie Dreher
Real Estate Consultant · Naples, FL · Member since 2016 · 13 posts · 1 vote
10y
Nice!
0 Reply
Abdel Martinez
Investor / CEO · Turlock, CA · Member since 2015 · 7 posts · 4 votes
10y
All these deals are amazing..... Great job!
0 Reply
Karen A.
Houston, TX · Member since 2014 · 60 posts · 9 votes
10y
@Victhor Soares Congratulations. I see that you were very hands on in this project. Do you have prior experience in the construction arena or did you learn as you went along? Also, please share information regarding the tile that was installed on the shower walls. Thanks.
0 Reply
Victhor Soares
Banker · Salt Lake City, UT · Member since 2010 · 5 posts · 34 votes
10y
Originally posted by @Karen A.:

@Victhor Soares Congratulations. I see that you were very hands on in this project. Do you have prior experience in the construction arena or did you learn as you went along? Also, please share information regarding the tile that was installed on the shower walls. Thanks.
Hi @Karen A. I have experience in the housing industry so I knew what I was doing. I turned a new construction into my own personal project since I found a nice location where house value were beginning to go up, so I took advantage of the opportunity. I pretty much became the project manager of my own house. I have prior experience with remodeling homes before undertaking this project, but it's one of those things that you learn as you go...fortunately enough I have done other projects in the past that gave me the confidence I needed to do it. If you ever have questions about how to do the work all you need to do is go to youtube "how-to" and they'll show you a video on how to do anything. Either that or go to home depot or lowes and those guys will answer any questions you have. Building a nice network and knowing where to go when you need help really pays off. The tiles were wall tiles, made specifically for bathtub surrounding or walls. It was very light weight, easy to install, I think the dimension were 9" by 11". Highly recommend it.
0 Reply
Levi T.Pro Member
Rental Property Investor · Tucson AZ / Nice FR / Washington DC · Member since 2016 · 1k+ posts · 1k+ votes
10y
Little before and after pics, with numbers; we are working our way through 50 some units, this is a batch of 24 of them. These houses where owned by the Housing Coalition, and they wanted out.
We had units covered in human feces, people living in spaces with drywall missing with food and beer bottles stuffed in them. Contractors gave units nick names, like "The Crack House". Some units smelled so bad you just wanted to burn them, and move on, but it was all cometic. Nothing a good cleaning crew, carpet, paint, and new appliances can't fix.
Purchase price worked out to about $75,625.00 per unit for this set, we have two sets, with appraisal averaging in at $95k per unit at the time of buying, we are spending about $8k per unit for upgrades, and expect to sell each unit for $120k in a few years, which would net about $1,065,000.00 just for this set, and an additional NOI on rents for about $248,000.00 a year. In all, we will net somewhere around $2,700,000.00 time we hit our exit date, give or take a few hundred thousand for unexpected issues.
I keep some of the photos to a minimum for the forums sake.

Before:

After:
5 Reply
Michael Bishop
United States · Member since 2015 · 401 posts · 394 votes
10y
@John Mathewson, great job! That's definitely an interesting property and turned out looking really sharp. I grew up in Crown Point, and my interest in REI started when I moved to Austin in 2014. Since then I've been pretty curious what the market is like up in the region. Mind sharing your numbers on this one?
0 Reply
Yerry Balenzuela
Portsmouth, VA · Member since 2016 · 41 posts · 8 votes
10y
really good job
1 Reply
Karen A.
Houston, TX · Member since 2014 · 60 posts · 9 votes
10y
@Victhor Soares You shared that you “bought and managed” your “own new construction home project”. Do you mind sharing what this entailed and what was involved in this process?
Did you manage the construction workers employed/contracted by the home builder?

Did you receive any discounts for managing and significantly contributing to the building process?
0 Reply
Victhor Soares
Banker · Salt Lake City, UT · Member since 2010 · 5 posts · 34 votes
10y
@Karen A. It was simply a new construction home where you could work for down payment, so I did that. I just checked in everyday and asked a lot of questions to make sure things were moving along and going the way I wanted, so in a way, I was kinda managing the whole project. The construction company already had all their team and sub-contractors in place, but if I didn't like the price I would shop around to find better deals with other companies. All I did manually was the flooring, painted the interior of the house, installed the bathtub surrounding, shopped for the custom-made kitchen I wanted and used the allowance they provided to buy whatever else I wanted for the house. Most of the fixture for the house I bought on amazon. I took a lot of the work out of their hands and made it my responsibility. Anything extra I wanted I would have to add from my own pocket, but I had extra cash to use as necessary. Like I said before, you just have to negotiate things and see if it's a good fit. It worked out for me, not sure if it would work out for everyone. Hope that clarifies things a bit more.
0 Reply
Vance Olson
Real Estate Agent · Fort Myers, FL · Member since 2016 · 34 posts · 11 votes
10y
This thread is very cool!!!! I am working on 2 that I hope I can share soon.
1 Reply
Bhekizwe M.
Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
10y
typical ugly house...a gold mine for the contrarian that sees rehab potential.thanks for sharing
it was also great to learn in other posts about hours expended on rehab versus profits made and rehabs on the high end properties
0 Reply
Michael Laurenzano
Real Estate Agent · Jupiter, FL · Member since 2016 · 3 posts · 0 votes
10y
Great flip Kevin. I live in South Florida. Here, we have many HOPA communities. I'm happy to see rehab/flips in that market. Your flip gave me a few ideas for my area. Keep up the great work!
0 Reply
Jim Keller
Investor · Riverside, CA · Member since 2014 · 351 posts · 220 votes
10y
I started a great new project in the heart of the city of Riverside in California. This 4 bedroom 2 bath 1560 sq ft home has a small 180 foot cut out back porch we will be filling in to inclease our over all sq foot.
I purchased this home from a wholesaler I met at the Inland Empire Real Estate Club for just under $177,000 and the construction budget is $43,800. This home was originally purchased by the seller in 1961 and vertically everything must be updated and made new.
The addition is really just filling in a outside wall and pulling the wall down between the existing porch and dinning area. The biggest change we have done is pull the wall down between the kitchen and frontroom.
The rest of the project is simular to what we normally do. New cabinets, doors, scrape ceilings, retexture drywall, wood floor, tile floor, landscaping, driveway, heating and air conditioning, paint inside and out, base molding, refinish tub and shower, new tile wall over bath tub, light fixtures, and many other things.
We have sold comparable homes for $350,000 this will be a very successful flip for us, makes it hard to say no to flipping.
2 Reply

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