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.
@Nick Schroeder I would like to ask 3 things. Perhaps you will answer. I get it if you do not. Anyone can answer from their experience actually. Yes, I'm new. Hahahahah
#1. How did you find this property?
#2. What was the turn around time from start to finish/purchase to sale?
#3. Did you immediately know how you would remodel it or how did you and do you decide on what to do with a place and how nice you can make it to stay in budget?
Nick don't listen to Bill Devola (post on the first page) that you underpriced it. If you Follow his advice then you will get the kiss of death. Check out this video of the kiss of death. https://youtu.be/c5Lk0FNKRg8
Great project and it looks great, no wonder you sold it so quickly. I think having the offers and quick sale is a great end, not a problem. This gives you the ability to get into the next now without holding it. What was the top lesson you learned on the deal?
Fine work. I'll echo a couple other members in asking how you found the property... MLS, direct mail, word of mouth??? Again, congrats on a nice profit.
So, I financed this deal with just a conventional mortgage after double checking there wouldn't be any early pay off penalties. I came across this deal on MLS... This property came on the market early monday morning and i had an offer in by 7pm the same day competing with another cash buyer.
A few challenges I came across included finding GOOD workers!!! Sounds cliche but it was so true. Everyone says they can do everything but really can't do anything...
Another big one was that I really had no idea or put any thought into how expensive some materials were that I could have saved and just refinished/painted
Really upset I was at myself for not having a structured game plan on how exactly to approach the renno. This is definitely something I have learned, would have made things a lot easier. So thats definitely something I will be putting in some more time on my next project.
@Account Closed- I agree with you, I was happy it didn't sit on the market very long and cost me more money... I personally worked on the house every day, 7 days a week. I did always have some guys in there working but I was always there as well.