First Flip $100,000+ Profit, SOLD IN 1 HOUR!

Real Estate Deal Analysis & Advice
10yFollow

First Flip $100,000+ Profit, SOLD IN 1 HOUR!

Tyler Leonard
Rental Property Investor · Providence, RI · Member since 2014 · 15 posts · 21 votes

Hi, I just wanted to share my first flip with the BP Community.  On February 1st I purchased a single family for $105,000 from a wholesaler.  The property was the ugliest house in the neighborhood and was abandoned mid-rehab when the insurance proceeds did not cover the cost of to repair the home after a small a fire.

Because I purchased the property in Cash and bought it As-Is the local building officials were not in the loop and immediately put me on their Sh*T list when I filed for permits. Original owners attempted to put the house back together but must have ran out of money which is why they walked away. It took me OVER 30 days to get all the proper permits but we finally started March 1st. After 60 days of construction, I put it on the market and it sold within 1 hour! I knew there was inventory so I even priced it at a premium but it still sold in less than one day. Now all I have to do is cross my fingers that it will appraise!

Here are some before and after photos:

15Reply
239 views

Most Popular Reply

Aaron Mazzrillo
Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes
10y

Debbie Downer alert!!!

When I say I sold something, I mean I actually got a check in my hand. What you mean is that you accepted an offer in less than 1 hour. An offer and a check... good thing they aren't the same thing because I give out lots of offers every week.

Hey, I'll give you a $1M for that house. It's sold!! Now you can post how you made $800K profit on one deal.... as long as it appraises. That little contingency right there, that cost me a retail sale earlier this year. Those appraisers love to kill sales.

Here's some sound advice that will prevent you (and anyone else reading this) from buying a new car/furniture/vacation with your pretend profits before close of escrow; The deal ain't done until the check clears the bank. Remember that. It is very important in this business. Very Important. It will save you from getting into another deal with your expected profits and then facing financial ruin when they don't show up on time. And, it will prevent you from having to come back here and tell everyone how it didn't quite work out like you thought it would (they typically don't). Nothing worse than a big serving of crow.

You won't believe it and no one on here probably will either, but I actually had a bank wire money on a deal, then somehow magically suck it back out and *Poof!* they never funded. Just like that. Even the escrow company couldn't even figure out how they got their money back, but I can certainly tell you they did it. That was where that phrase above came from. Once they wired we thought it was a done deal. Nope. Here are two more rules of thumb for real estate flippers;

It will take long than you think it will.

You'll make less than you expect. 

I'm about the most optimistic person you'll ever meet, but rules are rules and these three have proven themselves true time and time again. There's always exceptions, but don't be fooled.

House looks great and I hope it makes it across the finish line. On a side note; what is all that white stuff and was it expensive getting it all cleaned up?

14Reply
See this reply in the discussion

120 Replies

Jump to latestLatest
  • Ayana Young
    Cocoa, FL · Member since 2016 · 22 posts · 6 votes
    10y

    @Tyler Leonard Congratulations and the home looks great. As a new REI it is great seeing success stories.

    1Reply
  • Quinn Schoenberg
    Canton, GA · Member since 2016 · 9 posts · 2 votes
    10y

    Nice work. I hope my first goes that way. I know that that is not typical. Good luck on your next one.

    2Reply
  • Todd F.
    Investor · Riverside, CA · Member since 2014 · 239 posts · 177 votes
    10y
    Beautiful job!! It's success stories like these that keep us all driven! Thanks for the share
    2Reply
  • Farah Hassanzadeh
    Shawnee Mission, KS · Member since 2016 · 1 post · 2 votes
    10y

    Looks awesome! Congrats!!!!

    2Reply
  • John Moore
    House Flipper · East Stroudsburg, PA · Member since 2013 · 1k+ posts · 205 votes
    10y

    @Tyler Leonard  Excellent job, good pictures, excellent profit.

    2Reply
  • Bhekizwe M.
    Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
    10y

    Looks great.congratulations

    2Reply
  • Ramon Jenkins
    Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes
    10y

    congrats

    2Reply
  • Cliff S.
    Beaverton , OR · Member since 2014 · 23 posts · 9 votes
    10y

    amazing work,  keep up the good work and thanks for sharing with us.

    1Reply
  • Josh C.Pro Member
    Property Manager · Indianapolis, IN · Member since 2010 · 1k+ posts · 1k+ votes
    10y
    Awesome work! Hope it closes.
    1Reply
  • George P.
    Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
    10y

    where does that spiral staircase take you? how much is something like that? 

    2Reply
  • Hozan Barwari
    Investor · Brentwood, TN · Member since 2015 · 32 posts · 2 votes
    10y
    Great job!!! And many more to come! Hope you close it soon.
    0Reply
  • Gino BarbaroPro Member
    Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
    10y

    @Tyler Leonard

    Now it's time to buy more multis.

    Gino

    Podcast Guest on Show The “Conveyor Belt” System That’ll Build You a BIG Rental Portfolio Quickly
    1Reply
  • Karen O.
    NYC, NY · Member since 2016 · 619 posts · 456 votes
    10y

    Congratulations on a job well done!

    0Reply
  • Bernita Wallace
    Kennesaw, GA · Member since 2014 · 16 posts · 0 votes
    10y
    That is awesome! Great success story. Thank you for sharing, it gives new investors like me HOPE.
    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    over the moon. May they all be this good 

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    0Reply
  • Daniel P Willis
    Investor · Rexburg idaho · Member since 2016 · 68 posts · 18 votes
    10y

    Absolutely beautiful, great job!

    0Reply
  • Account Closed
    CA · Member since 2016 · 145 posts · 53 votes
    10y

    @Tyler Leonard You da man!  Onto the next one . 

    0Reply
  • Aaron Mazzrillo
    Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes
    10y

    Debbie Downer alert!!!

    When I say I sold something, I mean I actually got a check in my hand. What you mean is that you accepted an offer in less than 1 hour. An offer and a check... good thing they aren't the same thing because I give out lots of offers every week.

    Hey, I'll give you a $1M for that house. It's sold!! Now you can post how you made $800K profit on one deal.... as long as it appraises. That little contingency right there, that cost me a retail sale earlier this year. Those appraisers love to kill sales.

    Here's some sound advice that will prevent you (and anyone else reading this) from buying a new car/furniture/vacation with your pretend profits before close of escrow; The deal ain't done until the check clears the bank. Remember that. It is very important in this business. Very Important. It will save you from getting into another deal with your expected profits and then facing financial ruin when they don't show up on time. And, it will prevent you from having to come back here and tell everyone how it didn't quite work out like you thought it would (they typically don't). Nothing worse than a big serving of crow.

    You won't believe it and no one on here probably will either, but I actually had a bank wire money on a deal, then somehow magically suck it back out and *Poof!* they never funded. Just like that. Even the escrow company couldn't even figure out how they got their money back, but I can certainly tell you they did it. That was where that phrase above came from. Once they wired we thought it was a done deal. Nope. Here are two more rules of thumb for real estate flippers;

    It will take long than you think it will.

    You'll make less than you expect. 

    I'm about the most optimistic person you'll ever meet, but rules are rules and these three have proven themselves true time and time again. There's always exceptions, but don't be fooled.

    House looks great and I hope it makes it across the finish line. On a side note; what is all that white stuff and was it expensive getting it all cleaned up?

    14Reply
  • Kevin FoxPro Member
    Real Estate Agent · San Diego, CA · Member since 2014 · 1k+ posts · 635 votes
    10y

    Wait.... Is the "white stuff" not just snow??

    3Reply
  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    10y

    Great stuff.  Unique work.

    1Reply
  • Raymond Ebbeler
    Largo, FL · Member since 2016 · 94 posts · 20 votes
    10y

    Real Estate where the emphasis is on "real" is of course based on the final check that clears at the close. 

    3Reply
  • Sterling Coleman
    Chicago, IL · Member since 2016 · 23 posts · 3 votes
    10y

    congrats and continued success to you!

    1Reply
  • Hugo Aguillon
    Investor · Pampa, TX · Member since 2015 · 27 posts · 10 votes
    10y

    great job!

    0Reply
  • Russell Naylor
    Colorado Springs, CO · Member since 2016 · 214 posts · 58 votes
    10y

    Quite the transformation, congrats on your success and good luck on the next one!

    0Reply
  • Jay Harding
    Wholesaler · Portland, OR · Member since 2016 · 42 posts · 28 votes
    10y

    Outstanding Work! Congratulations. . . . . . 

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free