First Flip- What a success! Before and After Pictures

Investor · Cape Coral, FL · Member since 2016 · 24 posts · 26 votes

Just wanted to share my first flip with you guys.

I bought this property in Riverview, FL for $140,000.00. It was a complete gut. New Flooring, Pool finish, T111 Siding, new doors, new knockdown texture throughout the house, new facia and so on.

The property cost me with all expenses throughout the renovation and including all materials $45.000

Sold for 250.000,00. Had multiple offers within 5 days of listing. Im so excited and encouraged to move forward onto my next project. WHO wants to invest with me? :D

Here are some before and after pictures. Any thoughts would be highly appreciated

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Bill Devola

Wholesaler · Bogota, NJ · Member since 2016 · 128 posts · 64 votes

10y

Place looks good. But, since you asked...

I'd say that if you got multiple offers within 5 days of listing, you probably left a little money on the table. Everyone has different goals and time frames, but speaking generally the industry considers a 'quick sale' to be 30 days. Meaning, *some* buyers SHOULD walk out of your property saying "this is a bit on the high side, lets look at some other houses". IE, the deal hunters and price sensitive.

This doesn't mean put the property on at $325K and wait 6 months, but the trick is to find the happy medium where 12 people come through the 1st two weeks on market, and one or two are interested.

But as mentioned, there are absolutely unquestionably times/situations where you want to underprice and have it U/C the 1st week on market. IE, to create a bidding war, headed into the late fall/winter months, your financial situation, etc.

Congrats though. You did well.

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Tony SanFilippo
Real Estate Investor · Littleton, CO · Member since 2013 · 197 posts · 77 votes
10y
Nice work
2 Reply
JD MartinBusiness Member
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Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
10y
Very nice job from what I can see! Excellent work utilizing the existing layout, especially in the kitchen. Nothing begets success like success.
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3 Reply
Bill Devola
Wholesaler · Bogota, NJ · Member since 2016 · 128 posts · 64 votes
10y
Place looks good. But, since you asked...
I'd say that if you got multiple offers within 5 days of listing, you probably left a little money on the table. Everyone has different goals and time frames, but speaking generally the industry considers a 'quick sale' to be 30 days. Meaning, *some* buyers SHOULD walk out of your property saying "this is a bit on the high side, lets look at some other houses". IE, the deal hunters and price sensitive.
This doesn't mean put the property on at $325K and wait 6 months, but the trick is to find the happy medium where 12 people come through the 1st two weeks on market, and one or two are interested.
But as mentioned, there are absolutely unquestionably times/situations where you want to underprice and have it U/C the 1st week on market. IE, to create a bidding war, headed into the late fall/winter months, your financial situation, etc.
Congrats though. You did well.
4 Reply
Amir Weinmann
Investor · Lexington, MA · Member since 2016 · 6 posts · 1 vote
10y
Nice job and very encouraging
I am going on the market with my first flip within a month or so here in the Boston area and I hope it to be successful as much as your deal was (at least).
good job man
0 Reply
Brett Snodgrass
Investor · Indianapolis, IN · Member since 2014 · 2k+ posts · 601 votes
10y
Congrats @Nick Schroeder. I'd say anytime you can make a profit on your first investment it's a big success. You get an education and usually have to dodge a few curveballs so to come out ahead is a good day in my books. All the best on your next one!
1 Reply
Nick Schroeder
OP
Investor · Cape Coral, FL · Member since 2016 · 24 posts · 26 votes
10y
Thank you very much for you comments and thoughts.
@Brett Snodgrass Absolutely... definitely learned a lot throughout the process and Im excited to move forward.
0 Reply
Andrew K.
Rental Property Investor · San Antonio, TX · Member since 2011 · 266 posts · 158 votes
10y
Nick Schroeder congrats on the first flip!! The place turned out great! How did you finance the purchase and rehab? Hard money, private money, personal funds? Also, how did you find this deal? Wholesaler, MLS, other? -Andrew
3 Reply
Account Closed
Investor · Grovetown, GA · Member since 2016 · 20 posts · 2 votes
10y
This is awesome! Any rehab tips youd like to share?
0 Reply
Garrett M.
Rental Property Investor · Philadelphia, PA · Member since 2015 · 180 posts · 66 votes
10y
Congratulations!!! You really turned it around with out over capitalizing. Looks great!
0 Reply
Ifayomi OmiMeje
Las Vegas, NV · Member since 2016 · 56 posts · 18 votes
10y
@Nick Schroeder Nice Job!
0 Reply
Jon Watkins
Huntersville, NC · Member since 2016 · 1 post · 0 votes
10y
Nice job!! What were your largest challenges and lessons?
0 Reply
Amy Thomas
Gastonia, NC · Member since 2016 · 13 posts · 3 votes
10y
Great work!
0 Reply
Mark YarboughPro Member
Investor · Everett, WA · Member since 2016 · 10 posts · 4 votes
10y
Great job! Inspiring!
1 Reply
Itay Dreymann
Panama City, FL · Member since 2016 · 7 posts · 0 votes
10y
Nice work, looks great!
0 Reply
Keith Weigand
Rental Property Investor · Cleveland, TN · Member since 2015 · 176 posts · 58 votes
10y
Great Job. Looks awesome
0 Reply
Garry C.
Rental Property Investor · Littleton, CO · Member since 2015 · 252 posts · 164 votes
10y
YEESSS! Love before and after photos. :)
Great work here. Congrats on profiting early in you endeavors.
As was asked above, what were the lessons learned your first time around?
1 Reply
Maria Palie
Investor · Orlando, FL · Member since 2015 · 6 posts · 3 votes
10y
Inspirational!
0 Reply
Frank S.
Specialist · Chicago, IL · Member since 2015 · 870 posts · 345 votes
10y
Beautiful work!! Nicely done. Congratulations, you should be proud.
1 Reply
Mike Anderson
Investor · Glendale, AZ · Member since 2015 · 25 posts · 9 votes
10y
Did you use cash, hard money, or creative financing options? What is the single biggest thing you learned? What would you recommend on the next project to cut cost further?
0 Reply
Shenice B.
Real Estate Agent / Investor · Houston, TX · Member since 2016 · 73 posts · 36 votes
10y
Amazing! Congratulations; such an inspiration. Hoping to do my first flip soon! Did you find it through MLS? Pay cash or use private/hard money?
0 Reply
Jennifer T Migonis
Manchester, MA · Member since 2015 · 1 post · 0 votes
10y
Great work, Nick, and great profit! :) Congrats on a fabulous first flip... it's addicting, isn't it? My husband and I are real estate agents and investors on the North Shore of Boston and I keep trying to talk him into doing more flips (we've done three) but primarily have rental properties. Can't wait to see more!
0 Reply
Sam McCoy
Investor · Yakima, WA · Member since 2015 · 9 posts · 2 votes
10y
Well done! Very inspiring.
0 Reply
Ashley WilsonPro Member
Rental Property Investor · Radnor, PA · Member since 2015 · 178 posts · 125 votes
10y
Great Job!!! I actually think getting multiple offers on the first day is what the goal is...not necessarily for people to say the price is a bit on the high side. As the old saying goes, "Time is money", so if you priced it higher, who knows how long you would have waited for an offer. And better yet, you could have missed out on your next purchase because you were waiting on the property to close. I always think it's better to get it sold, as soon as possible. It looks like you did the reno for a great price. Did you do some of the work?
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1 Reply
Daniel Sigafoos
Malabar, FL · Member since 2016 · 1 post · 0 votes
10y
Very nicely done. TLC+ money, LOL.
0 Reply
Michael Lee
Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
10y
Hello and welcome to telling us about your sucess. You turned over on your first experience of inesting. How much did you spend on the renovation? Do not think that one good experience will necessarily lead to more automatically. Do not let your guard down and I hope that you continue being sucessful. Best wishes!
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