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
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.
Just curious as to what you mean by "total gut". My flip was taken down to the studs and then re-built with insulation, new electric, plumbing, drywall etc. Was that the case with your home as well? If so, you did phenomenally well to keep costs under $45,000!
Wow! thats awesome!!! you did a great job! and 5 days with multiple offers is a perfect quick sale! that is the goal. This industry would consider the same all day long. Love the pictures.
Something to be proud of. Keep doing what your doing.
Congratulations @Nick Schroeder! My husband and I just completed our first flip as well (about a month ago). We got a steal of a deal on a rural property which has turned out to be a weaker market, but she'll get sold. Can't believe the learning experience this has been as I'm sure you've found as well. Best of luck moving forward. We'll look forward to seeing your before and after shots on your next project. Out of curiosity, do you have any tips for things you found successful when hiring contractors? We ended up with some great people, but we had to fire one or two as well.
I think the little extra that you designed for what looks like the dining area made the property distinctive and was probably a great return on investment. Good use of knowing where to put a little extra to make it pay.
Great job!......i tend to agree with the earlier comment about selling as soon as possible, if you have a profit price point that you have set and you are comfortable with the #'s, then by all means pull the trigger, but don't stop now what's your next investing(envesting) goal or project?.........are you working with any local realtors that maybe of benefit to you in your next quest..........CONGRATS