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!
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!
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Nathan Richmond No tile in the shower for this one. I would have liked it but my budget didn't allow for it. Also, considering the area I think I can get away with it. It really was a more 'low end flip'. I put a lot of money into the kitchen with real wood cabinets, granite counters, pricey mosaic tile backsplash, SS appliances, and carrying the flooring in there. For this area this is very high end stuff. You won't really come across a house/kitchen this nice!
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Charles Kannair Thank you! I am using an agent. And I forgot to take into consideration the commission for him when I sell. That was my fault. Still a good profit though! I have been considering getting my license as I do want to do more flips. Plus I think I would enjoy being an agent. Regardless I it would be worth it as you noted. I think I am going to do it! Thanks again!
Architect · Papillion, NE · Member since 2015 · 1k+ posts · 840 votes
9y
Too much white for my taste but totally personal preference. Your bathroom sink is not functional as your main bathroom. No place really to set down a hair brush or toothbrush. I am speaking from personal experience after living 3 yrs with a similar sink. A vessel bowl sink allows some more surface area for functional use when limited on counter space. I like the tile in the kitchen.
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Yanique Bonelli Having a good contractor is important. There are a lot of bad ones, but there are a lot of good ones as well. I personally knew the contractor so I lucked out. However, I would say get recommendations from people in your area. I think that's the best way to go. See if the contractors you've been recommended have work you can look at. Make sure they are licensed bonded and insured. Don't always look for the cheapest but the most qualified. Sometimes paying a little extra for a contractor can be worth it. You don't want to be worrying about your contractor doing his job correctly. Finding someone with good experience and good honest work ethic could cost a little more but if it helps you sleep at night and saves time then do it.
Charleston, SC · Member since 2016 · 6 posts · 1 vote
9y
Awesome job. With the popcorn ceiling did you paint, put up a fresh coat or just leave it alone? When I'm looking some of the ceilings are discolored and was wondering how do you handle this.
Residential Real Estate Broker · Indianapolis, IN · Member since 2009 · 477 posts · 304 votes
9y
@Angelica Osusky I am not sure there really is any downside.. I get access to the MLS, I make commission when I buy/sell properties, I get tools for checking out properties I am interested in(Tax records, cma, etc)...
Some get worried about disclosure, but I find it actually helps when I tell people I am a licensed Realtor..
I became a Realtor because MOST Realtors don't understand our business. I opened my own property management company because MOST property managers stink! hehe
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Sedriah F. Thank you! My GC had professional paint spraying equipment and that is what was used to paint it. An ordinary roller wouldn't have helped much with that type of ceiling. They also used that same machine on the doors. Using that type of machine/technique is favorable because it doesn't leave any paint brush marks which allows for the finishing product to look much smoother and look better overall.
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Lee Smith Yes, the disclosure seems to be the only 'con' people mention. However, just like you I think it would be a positive thing to tell people you are a licensed realtor. Seems like you really care which is something I notice many professionals lack, not just in real estate but in all different types of fields.
@Mark Caiazza May I ask how many sq ft the house is? Are you doing the work yourself? The HOA is suppose to take care of any exterior work but as you can see the paint could you a little sprucing up. I ultimately think its market dependent. I think it works for this type of property, I find it appealing but i would agree with you it could use some caring for. I think if this were a single family home in a better area it could have impacted it
@Angelica Osusky My flip property is just over 2800 sq ft and I am doing a lot of the work myself. As this is my first flip, I wanted to learn the ropes by doing as much of the renovations as I could, which is why it has taken me so long. Now I know why investors purchase smaller properties... lesson learned lol. My future flips will definitely be moving towards your strategy of hiring a contractor and knocking it out quickly.
Flipper/Rehabber · Crown Point, IN · Member since 2009 · 482 posts · 216 votes
9y
Angelica,
I congratulate you and I'm going to take that bottle of wine out of the picture and toast you! Keep this up and you'll be able to retire by the time you're 35. Nike is absolutely correct, when hey tell you: "Just Do It." You be amazed how many people I talk to that just can't or won't pull the trigger. Probably 80% of them are afraid to do so. You can dream about it or you can live it. Great job!
New Haven, CT · Member since 2016 · 90 posts · 99 votes
9y
You mentioned it's not a very high end area, and you would only potentially make $130 a month on it. I would think appreciation is out of the question as well?
Sell it and move on. That's a huge profit on a first flip and you seem to have a good knack for that.