First Flip at 21! Before and After Pics!

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

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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Angelica Osusky
OP
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Natalie Kolodij I'm not leaving, i will be answering questions shortly! I just wanted to thank everyone first! Also you can message me if you'd like for more question etc:)
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Natalie KolodijBusiness Member
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Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
9y
Yay perfect haha I was so excited to see that you responded I love reading about other new investors and how they did it :)
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Angelica Osusky
OP
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
Thank you both! The flooring is laminate. It is called Pergo Outlast+ and I got it at home depot. @Percy N. @Michael Maloney Jr.
Percy,
I have considered renting as another exit strategy. I have gotten a lot of people who are interested in renting actually! I analyzed the deal before I even bought it as both a fix and flip deal and a buy and hold/BRRR deal. However, I would prefer to sell it. Rent for this size property and area is about $1000-1100. When I analyzed the deal as a BRRR (so I could get the money out to do another one), after refi I would cash flow around $130 a month. This is budgeting for everything including, HOA, insurance, capex, vacancy, property management, taxes, and repairs. Since it is brand new if I took out the repair and capex budget (for now) I would cash flow around $230. But those cost are going to come into play sometime down the road so that's why I rather take them into consideration. Numbers aren't bad! I even had someone interested in rent to own... What are your thoughts on that? This deal was financed with cash so I would have my money tied up until I could either refinance it or they bought it.
1 Reply
Andy Beis
Investor · Poplar Bluff, MO · Member since 2014 · 20 posts · 7 votes
9y
WOW!! Looks great! I'm sure it will not be on the market for long !!
0 Reply
Michael Maloney Jr.
Livingston County, MI · Member since 2015 · 88 posts · 23 votes
9y
I would definitely try refinancing to get some cash out, then possibly rent to own. You can get above market rents and a non refundable option price for them considering to buy it. I've never done it but it seems very lucrative. And something I'd definitely be interested in doing myself.
0 Reply
Mike Waltman
Investor · Juno Beach, FL · Member since 2015 · 66 posts · 21 votes
9y
Looks great congrats!
0 Reply
Jay Johnson
Pelham, NC · Member since 2015 · 160 posts · 54 votes
9y
Congratulations! Hope you sell it fast and get the price you want!
0 Reply
Ying Suo
Real Estate Agent · Newport Beach, CA · Member since 2016 · 4 posts · 1 vote
9y
Congratulations! Please keep us posted with how the escrow goes.
0 Reply
Cody Harris
Rental Property Investor · Palm Beach Gardens, FL · Member since 2015 · 57 posts · 12 votes
9y
well done!
0 Reply
Kuba F.Pro Member
Real Estate Investor · Los Angeles, CA · Member since 2013 · 2k+ posts · 694 votes
9y
Congratulations Angelica Osusky ! Nice tidy job.
0 Reply
Melchor Domantay
Rental Property Investor · Berwyn, IL · Member since 2016 · 66 posts · 11 votes
9y
Where in IL if you don't mind me asking?
0 Reply
SAKINAH P.
Westbury, NY · Member since 2016 · 13 posts · 5 votes
9y
Looks great! Good luck.
1 Reply
LaPorsha Edmun
Dallas, TX · Member since 2016 · 25 posts · 9 votes
9y
Wow! It looks amazing! Congrats
0 Reply
Angelica Osusky
OP
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Natalie Kolodij @Paul Siljee The property was listed on the MLS. It was a foreclosure. It went to auction on a site called hubzu. As Natalie mentioned a previous post of mine she found, there was bit of a "bidding war" so to speak. It started at 48k and went up to 52k. Using the flipping calculator was awesome to reassure my numbers and myself as it was a bit nerve racking doing my first deal. As you saw my purchase price was around 55k that was with fees and closing cost. No creative financing, it was financed with cash. However, I was able to use my credit card for almost all of the materials and appliances (credit card has no interest for the next 15 months). If you'd like to know more specific details or have more question don't hesitate to ask. You are welcomed to message me as well. Hope this helped a bit:)
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John D.
Rental Property Investor · Allentown, PA · Member since 2016 · 279 posts · 105 votes
9y
@Angelica Osusky That looks great. Keep us posted and let us know the whole story when you have time. Congrats!!!!
0 Reply
Angelica Osusky
OP
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Don Nelson I really give most of the credit to the awesome contractor I have with keeping the job on schedule. A good contractor is very important part of your team. BP calculators are so helpful when analyzing deals so that helped with the math side of things. Currently we are marketing at 119k (ARV is 115k) but we have grant money for new home buyers so hopefully that can off set the slightly higher price. People are looking at it already, but if interest starts to dwindle I have no problem lowering it because I think your spot, the sale price really determines how fast it will move! Thanks for your response!
0 Reply
Angelica Osusky
OP
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Account Closed Thanks for the suggestion. I completely agree with you and for my next one I will definitely hire a professional photographer. Most of those pictures were taking with my phone with the exception of a few. But you are completely right, pictures really do make a difference. Thanks again!
0 Reply
Angelica Osusky
OP
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Brenden Donovan Go for it! Keep educating yourself. Network with other investors as well as professionals in your area. Building your team is important but it is kind of hard when you are first starting out. Get suggestions from other investors. My agent (who's also an investor) that I used to buy the property I actually met off of BP. Very friendly and he had done deals before so he was able to help me through the process of obtaining the property. Make use of the calculators. Those really helped reassure me that I wasn't getting into a bad deal. Remember, numbers don't lie. Goodluck!
0 Reply
Angelica Osusky
OP
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Austin Deardorff Thank you! As far as funding it was funded with cash, so I can't speak on getting a loan. I could imagine if you don't have steady income it would be hard. Funding is one of the biggest obstacles for many and that is why usually people don't start with flipping right away. Have you read, The book on flipping houses by J scott? It has some helpful ideas for funding. Have you considered house hacking? Being at college students are always looking to rent that could be a good idea to get started and make some extra income to build up your funds. It was a foreclosure that was at auction on an online site (hubzu), I did still use an agent to purchase it. The renovations was cash as well, however, I was able to put almost all the materials and appliances on a credit card that doesn't have interest. If you'd like to talk more feel free to message me! Thanks again:)
0 Reply
Janine Hoke
Hyattsville, MD · Member since 2016 · 8 posts · 2 votes
9y
Very Very NICE!!!!!! Great Job...keep this up and you'll have a lucrative future!
0 Reply
Tyler Breeze
Fairfield, OH · Member since 2015 · 6 posts · 0 votes
9y
Congratulations !! Looks incredible. I would love to hear more information on the specifics of the property.
0 Reply
Sonny H.
Chicago, IL · Member since 2014 · 47 posts · 5 votes
9y
Hi Angelica , Can you provide the details of the rehab? How much you paid for the cabinets, materials and labor ?
0 Reply
Lee Smith
Residential Real Estate Broker · Indianapolis, IN · Member since 2009 · 477 posts · 304 votes
9y
@Angelica Osusky Nice job! Looks good!

Are you listing it with a Realtor, or are you selling FSBO.... If listing with a Realtor, you will probably have 10+% in closing costs you will need to pay(6% with Realtor, 1-2% for title company fees, 2-3% in buyer closing costs)... Still a good profit on your first deal especially if it sells quick!!
0 Reply
Taye N.
Hayward, CA · Member since 2009 · 258 posts · 62 votes
9y
Very nice!! Im looking to do my first roo
0 Reply
Angelica Osusky
OP
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Daniel Jackson The property was built in 1950's so pretty old. A new roof was put on last month by HOA. Perfect timing as it was done the same time the property was being rehabbed. HVAC is also in good shape. & You are right! By chance have you done any flips? I was thinking about getting an LLC taxed as an scorp for my flips. You may have insight of what would be a "reasonable salary"? Thanks for your thoughts!
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