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.
Real Estate Agent · Newark, OH · Member since 2015 · 13 posts · 11 votes
10y
My most recent flip was a 2 bedroom, 1 bath home in central Ohio just north of Columbus. I contracted the job but subbed out all of the work.
Purchase price- $11,000
Rehab- $39,000
In contract for $69,000
Net profit- $16,000
Wholesaler · Clovis, CA · Member since 2011 · 31 posts · 39 votes
10y
I just wholesaled the ugliest burnt house on the planet. I didn't put any earnest deposit down. I met seller, I listened to his story of how his house caught on fire and the Red Cross helped him out. Then he told me all about himself and we found out we had a love for old 60's music like the Turtles.
He wanted 30K for his burnt property
and I told him it was a lot worse than I thought. We ended up agreeing on 18K purchase price. I sold it for $24,000 to a rehabber that purchased one of my junkers last year.
He paid closing costs and I picked up a $6,000 Check from the Title company.
I have several other deals in escrow and just got 2 on contract this week and have one sold already that will pay out $11,500 my partner and I will split that one for $5,750 each. We went halves on a direct mail campaign and got 3 deals out of it and tripled our money, and now we got this one which comes from that mailing about a year later.
Professional · Philadelphia, PA · Member since 2015 · 47 posts · 31 votes
10y
Just wanted to quickly share one of our recent BRRR success stories. We purchased sfh 3br 1bath for 22k. Rehab costs 15k. Appraisal came in at 60k. We were able to walk away with about 5k after closing costs and just put a tenant in the home paying $1100 per month. That home is set to pay itself off in a little over 5 years after maintenance, taxes and insurance costs.
That is an incredible find. If you don't mind me asking what was the ARV at the time of purchase in april 2014? Was there a big appreciation to get you to the $220K sale price?
Real Estate Broker · Toledo, OH · Member since 2016 · 58 posts · 38 votes
10y
I've been doing this a long time and could share some interesting and profitable investments but one of my most interesting from this past year is a little house I bought that never hit the market. A friend new what I did and how quick we can close so he recommend his best friend to me. She had a house that sat empty for 3 years while she kept it up and kept utilities on through a divorce and what she thought was a foreclosure on a $98,000 loan. Sometimes banks won't foreclose on houses here in Toledo and to her surprise they forgave the entire note and she owned it free and clear. She sold it to me for $18,000 we had a total of $25,000 in it and sold it to a cash buyer for $58,000. We netted $25,000 on a house we were not even looking for. Fun stuff!
Real Estate Agent · Nashville, TN · Member since 2015 · 2k+ posts · 2k+ votes
10y
I love the stories. I haven't flipped a house, I do plan on doing it at some point. Thank you all for sharing and I'm hoping one day I'll be on this thread sharing my success stories.
Residential Real Estate Broker · Mount Airy, NC · Member since 2016 · 12 posts · 7 votes
10y
Not as impressive as some of the others, but here's mine:
Story: Bought trailer from a distressed seller for 10k through recommendation of a friend. Cash deal and the lady just had a for sale sign. Place was a typical dumpy trailer, but in an upper middle class neighborhood and had a super convenient location. I have no before pics, but just imagine walking into a trailer and getting hit with that "musky trailer" smell, everything is dirty, and everything is orange because the tenants smoked in it. That's what it was like. Not too bad, but was a pain to clean.
After
The only thing wrong with it was the electricity. Paid an electrician to re-wire everything for $1000. Redid the floors for about ~$1000, painted inside and out, and lastly planted a few bushes outside.
I'd say it's AT LEAST 30,000 plus now. Rents for $425 easily. I work in a real estate office, so the property manager here helped me with the screening process. Set the price a little low to get a flood of applications. Got a nurse that's a single mom (thank god) and good credit.
I had so much fun with this deal that I started working in real estate! Now live in a condo that I rent out to others! I got REALLY lucky on this deal because now that I look back I had no idea what I was doing.
Real Estate Agent · San Antonio, TX · Member since 2016 · 3 posts · 9 votes
10y
Hey BP!! Hope everyone is having a great day, just wanted to share my FIRST FLIP story! I will try to keep it short and to the point. I do have a business partner who owns a flooring and window company, so he does that side and I am the agent so more of the RE side just to give you an idea.
I bought a foreclosure on Hubzu which was an interesting experience, but glad I went through it to learn how that works. The property was a foreclosure that the previous owner flooded himself right before he moved out. We decided to take on the task and bought the house with our own cash. We both have a Line of Credit with our Bank for a certain amount. We did run in to one bad contractor which was the granite guy who screwed us out of about $3000-$5000 which was unfortunate, but a learning experience.
Real Estate Investor · Kalamazoo, MI · Member since 2015 · 120 posts · 37 votes
10y
@Jeff Pollack you are the one those pictures belong to... I was looking through them the other night and was too stunt to acknowledge the person that made it happen. Great work, detail and finish, I am a fan, and this is exactly why flipping is my favorite RE strategy. Thank you for sharing.
San Jose , CA · Member since 2016 · 52 posts · 12 votes
10y
These are amazing flips!! What types of analyses do people do prior to purchasing with regards to the area? What is the best way to figure out which areas have the greatest potential within ones geographic vicinity. Also, what is the best way to figure out how much to invest in the property and how much to "fix it up" such that it is actually worth it for the investor?