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.
Peoria, IL · Member since 2015 · 99 posts · 52 votes
10y
I have never uploaded to BiggerPockets before, so let's hope this works. This is in a 3-plex that we bought a few years ago. We spent next to nothing because my husband did the work--not because we tried to save money, but because he's a perfectionist and thinks the only way to get something done right is to do it yourself. We only have a handful of rentals right now, so he has time for it. Someday, I'll have to convince him that he needs to get used to the idea of delegating, but the times that I've convinced him in the past did not work out. He would rip apart what someone else did, and then he'd do it himself. Ugh. Anyway, this was an apartment where a cat had been allowed to poop all over and climb on the counters where food was left out. The range hood looks disgusting because someone had spilled cooking oil down onto it, and then a bag of sugar. The sugar stuck to it, and it was so gross. The tenant never cleaned anything, and he let mold grow in the bathroom. He said it was pointless to clean it because it would just come back. We let him know that we weren't renewing our lease with him when it expired. LOL
Peoria, IL · Member since 2015 · 99 posts · 52 votes
10y
Oh, and that fridge was my guinea pig. It's the same refrigerator in both pics. I used stainless steel paint on it, just to see how it would turn out. Not too shabby. :)
Kelowna, British Columbia · Member since 2016 · 61 posts · 108 votes
10y
Our latest project was a big undertaking in both budgets and sq ft. With over 5000 sq by the time we were finished the basement renovations and nanny suite. It was also the highest price point we have ever worked in on our flip projects.
Purchase $625,000
Renovations: $147,000
Final Sale Price: $849,400
Lessons Learned: 12/12 Pitch on a roof is incredibly costly to replace, often times roofers would show up see the pitch and leave without even making a bid.
Custom Kitchens and bathrooms make or break homes! They can also make or break budgets so chose your trades carefully.
I only painted. I hired 3 guys and it took 6 weeks while working on another project. It looked scary but it easier when the demo was done by the previous owner.
Residential Real Estate Broker · Fenton, MO · Member since 2016 · 6 posts · 4 votes
10y
I just sold this home in Fenton, MO (Saint Louis). Purchased in December for $159,000. 4 bed/3 bath, 2100 square foot. Put $26,000 in it, $7000 for realtor. Closed today for $244,000. Roughly a $45,000 profit. Here are some before and afters... 3 month turn around.
Rental Property Investor · Denver, CO · Member since 2015 · 154 posts · 266 votes
10y
@Jen Faulkner Great job! Do you have the numbers on this rehab?! Purchase price, closing costs, holding costs, rehab $, sale price, and net profit? Anything you have will help a lot!
Developer · San Diego, CA · Member since 2016 · 328 posts · 56 votes
10y
This is a project I completed that was an extensive remodel with a large addition ~1100 to a property. Purchased of $525K Rehab (Soft,Hard, and selling expense) $500K, hold time 1 year, sales price $1.45M. Dramatic change and a large project
Investor · Superior, CO · Member since 2015 · 19 posts · 5 votes
10y
My first success story was a house in Longmont that I flipped last year. It was a fairly rundown house on a road crowded with cars and along a train track. The neighborhood wasn't great, but the market was (and still is) desperate for new homes. Here are the numbers:
- Purchase price: $150,000
- Expected Rehab costs: $20,000
- Expected ARV: $210,000
- Expected Profit: $15,000
It was my first flip, and I didn't expect to make a lot, but I needed to get the experience and was fairly confident I would make some money.
Here are a few before pictures:
And here are some after photos:
And the final numbers:
Rehab costs: $31,000
Sales price: $231,000
Profit: $24,000
All and all, I was happy with the result, though I know I got lucky on appreciation. I learned that I need to work on estimating rehab costs better and control costs during the project, and also learned a ton about the start to finish process. I got the education I was looking for, for sure.
Berthoud, CO · Member since 2016 · 14 posts · 5 votes
10y
@Paul Ballew very nice job and congratulations! The house looks great. Having lived in Longmont until recently I have an idea of where this is and you have definitely improved the neighborhood. I wish you continued success and thanks for sharing your story! It inspires us newbies.
@Paul Ballew very nice job and congratulations! The house looks great. Having lived in Longmont until recently I have an idea of where this is and you have definitely improved the neighborhood. I wish you continued success and thanks for sharing your story! It inspires us newbies.