First Flip at 21! Before and After Pics!

Real Estate Deal Analysis & Advice
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First Flip at 21! Before and After Pics!

Angelica Osusky
Joliet, IL · Member since 2016 · 119 posts · 88 votes

I just completed my FIRST FLIP! The rehab took approximately 3 ½ weeks. The home is a 2bd, 1ba townhouse that is slightly over 1000sq ft located in Illinois.

Numbers:

Purchase Price with closing cost: $55,290.25

Rehab Cost: $28,815.60

Total in: $84,105.85

Holding cost: Roughly $450 a month (insurance, HOA fees, utilities, & taxes)

ARV: $115,000

Estimated Profit: $29,094.15

The property just went onto the market today. Here are the before and after photos!

BEFORE:

AFTER:

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Account Closed
Vendor · San Diego, CA · Member since 2016 · 55 posts · 16 votes
9y

Amazing work!  One suggestion I would throw out there is to hire a real estate photographer for around $100 to photograph the whole house.  I use them for my airbnb listings and there is a tangible increase in price with professional photos vs iPhone pictures.  The wine bottle was a great touch, definitely use it again!

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  • Michael McFarland
    Investor · Cypress, TX · Member since 2016 · 1 post · 0 votes
    9y

    You won't have any problems selling this property.  BEAUTIFUL!

    0Reply
  • Derek Curtis
    Physical Therapist Assistant · Springfield, MO · Member since 2015 · 28 posts · 6 votes
    9y

    The kitchen looks amazing, I'd say you have a knack for design! Congratulations!

    1Reply
  • Maggie Hawley
    Investor · La Crescenta, CA · Member since 2016 · 10 posts · 2 votes
    9y
    Awesome job! I'm looking forward to reading about the sale of your townhouse. Congratulations on your first flip.
    0Reply
  • Gaston Carrizo
    Los Angeles, CA · Member since 2014 · 3 posts · 0 votes
    9y

    Awesome work!!

    0Reply
  • Ray DipasupilPro Member
    Investor · Los Angeles, CA · Member since 2016 · 149 posts · 51 votes
    9y

    Awesome hero story! Congrats!

    0Reply
  • Stacy Davis
    San Diego, CA · Member since 2016 · 24 posts · 4 votes
    9y

    Congratulations! I love the Kitchen!!!

    0Reply
  • Daniel Jackson
    Engineer · Cumming, GA · Member since 2016 · 6 posts · 3 votes
    9y

    I think you did a great job - just a couple of questions/thoughts:

    [1] How old is this property?  Older properties can be attractive, but informed buyers should inquire about whether the roof/HVAC was replaced.  If it was not, and they are 10+ years old, you may lose leverage in negotiations (at least I would use that as leverage).

    [2] Theoretically, your profitability should also take into consideration your time spent working on this project.  For example, the amount of time you spent searching for the property, closing the deal, repairing it (whether done yourself or by managing contractors), and now selling it.  Your own time is valuable, as is your opportunity cost of taking on this project instead of another one.  I'm just throwing these out there for your next adventure.

    1Reply
  • Chris Low
    Investor · Redding, CA · Member since 2016 · 180 posts · 102 votes
    9y

    Beautifully done and very tasteful! I'm curious what your estimated holding time is and soft costs on selling, assuming those would affect the estimated profit?

    0Reply
  • Account Closed
    Investor · Santa Rosa Beach, FL · Member since 2016 · 232 posts · 153 votes
    9y

    Great job @Angelica Osusky!! Congratulations on your first flip, you nailed it. I hope it sells quickly and you can move on to the next one! 

    0Reply
  • Steve Lee
    Costa Mesa, CA · Member since 2015 · 13 posts · 1 vote
    9y

    Wow congrats! I'd also like to hear more about the background info, sticking around :)

    0Reply
  • Eric Mack
    Inman, SC · Member since 2016 · 11 posts · 3 votes
    9y

    Looks great, good job. Only thing I would have changed is the exterior, if possible. I love the floors, they look great.

    0Reply
  • Bevla Reeves
    Real Estate Agent · Scottsdale, AZ · Member since 2011 · 471 posts · 296 votes
    9y

    Congratulations Angelica!!!

    Great job!

    Cheers to your success!

    0Reply
  • Dawn Moore
    Pasadena, CA · Member since 2016 · 2 posts · 1 vote
    9y

    Great job - What color paint did you use in the living room?

    0Reply
  • Nirmal Khanderia
    Investor · Leander, TX · Member since 2016 · 105 posts · 40 votes
    9y

    Great success story. Hope to see many more in near future.

    0Reply
  • Fred Pineda
    Investor · Miami, FL · Member since 2016 · 18 posts · 4 votes
    9y

    @Angelica Osusky Nice job. Keep us updated on how many people worked on this project, any lessons your learned, etc.

    Hope you get it on contract soon.

    0Reply
  • Sharla Mirdo
    Newport, KY · Member since 2016 · 1 post · 0 votes
    9y

    Great job on the rehab.  The kitchen looks great!  Good luck on the sale!

    0Reply
  • Jennifer Lee
    Real Estate Broker · Gibsonia, PA · Member since 2013 · 828 posts · 260 votes
    9y

    wow! great job!!!

    0Reply
  • Mark Caiazza
    Rental Property Investor · Centerton, AR · Member since 2014 · 54 posts · 28 votes
    9y
    Angelica Osusky Awesome job on the rehab! I'm very impressed with how quickly you got it done as I am going on month 9 of my first flip. Random question for you and others: It's obviously more desirable to have original brick. However, in the pictures you provided, the brick does look to be distressed/stained... Does painting the brick decrease the value of the property or would the cleaner look appeal to the typical retail buyer? Or is it market dependent? Again, awesome job on the rehab... keep rockin it!!
    0Reply
  • Marco Jove
    Miami, FL · Member since 2016 · 10 posts · 1 vote
    9y

    Beautiful job @Angelica Osusky 

    0Reply
  • Ryan Cameron
    Investor · Philadelphia, PA · Member since 2014 · 351 posts · 80 votes
    9y

    Nice Photos. Congrats on your 1st one, and many more to come @Angelica Osusky

    0Reply
  • Angelica Osusky
    OP
    Joliet, IL · Member since 2016 · 119 posts · 88 votes
    9y

    @John Foster @Sarunas Siauciunas @Kristopher Hanks @Joshua Drummond @Don Nelson @Paul Miller @Keith Weigand @Todd Fithian @Brenden Donovan @Jorge Gastelum @Crystal Woodard @Euan Arcia @Andrew Beaver 

    Thank you all so much! I appreciate all of your replies, thoughts, and warm wishes:)

    1Reply
  • Natalie KolodijBusiness Member
    Moderator
    Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
    9y

    WAIT WAIT DON'T GO

    We have questionsssssssss 

    Podcast Guest on Show Pay Less Tax to the IRS This Year With THESE Real Estate Tax Strategies
    Kolodij Tax & Consulting
    WebsiteView Page
    3Reply
  • Farhan Kadri
    Concord, CA · Member since 2016 · 1 post · 0 votes
    9y

    Inspiring! The property looks great! 

    0Reply
  • Natalie KolodijBusiness Member
    Moderator
    Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
    9y

    I back tracked to see if we'd missed a post on how she found it/ funded it/ ect

    Looks like she came across it locally and then won it through an online auction....

    "Thank you! The property was actually right near my home, it had a sign out front and was at auction on hubzu. As for how I decided to buy it, I first ran the numbers to make sure it was even worth looking into further. Once I figure out that the numbers worked I went for it. Remember numbers don't lie. It was difficult assessing the ARV at first. But I found an agent to help me get comps from the MLS and thats how I came up with the ARV. I'd highly suggest working with an agent who is investor friendly and invest themselves. While bidding online it turned into a bit of a bidding war, it started at 48k and I won the bid at 52k"

    Podcast Guest on Show Pay Less Tax to the IRS This Year With THESE Real Estate Tax Strategies
    Kolodij Tax & Consulting
    WebsiteView Page
    0Reply
  • Angelica Osusky
    OP
    Joliet, IL · Member since 2016 · 119 posts · 88 votes
    9y

    Thank you all so much! I appreciate all of your replies, thoughts, and warm wishes:) @Paul Siljee @Michael McFarland @Derek Curtis @Maggie Hawley @Gaston Carrizo @Ray Dipasupil @Stacy Davis @Account Closed

    1Reply
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