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
@Mark Caiazza That is a big property! Kudos to you for doing most of the work yourself. It not only will allow you to gain experience but when you do hire a GC in the future you'll more than likely be able to better distinguish the bad GC from the good ones. Good luck with the flip and your journey! Keep us posted when the project finishes!
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!
Thank you! You are totally right with that one, "you can dream about it or you can live it"! I love it. Analysis paralysis is very real for some people. I thought I was going to get stuck in it! But BP calculator tools really help you feel confident because you can see all the numbers laid out. Numbers don't lie! Wish you nothing but the best on your journey! Thanks again!
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Matthew A. Yes I'd classify the city as class C. Yes I would say appreciation is pretty much out of the question. Slim to none. I agree, I just think the return on my money will be much greater if I sell than rent. Thanks for your reply and thoughts! Good luck on your journey.
Laguna Niguel, CA · Member since 2015 · 71 posts · 29 votes
9y
@Angelica Osusky Wow you are a true inspiration to all the young folks out there! I wish I had known about the power of REI when I was your age. I started a bit late but I guess it's better late than never ;-)
Investor · Cedar Park, TX · Member since 2016 · 463 posts · 177 votes
9y
Angelica Osusky
You did an out standing job. Can you share what primer & paint you used for the cabinets. I'm so going to need to try that. They came out looking like a million bucks.
So when is your next flip? Come on share.
Philadelphia, PA · Member since 2016 · 1 post · 0 votes
9y
@Angelica Osusky you are inspiration! This is really Great that you are doing all this at 21 WOW! There is soo much potential in these ugly looking homes. Great Great Job!!!
Real Estate Investor · Rancho Santa Fe , CA · Member since 2016 · 323 posts · 107 votes
9y
Congrats I did my first investment at 19 so I totally feel your excitement, Congratulation's just remember to repeat it every 3 months and grow and grow never stop.
Investor · Redding, CA · Member since 2016 · 180 posts · 102 votes
9y
Hi Angelica. To answer your question, I was referring to your monthly mortgage payment or cost of money, plus any Realtor commissions, title and escrow fees, etc. when I mentioned soft costs. I was just curious if you figured those in before determining what your profit was. @Angelica Osusky
Residential Real Estate Agent · Philadelphia, PA · Member since 2013 · 82 posts · 33 votes
9y
wow wow wow.....what a horrific kitchen lolol!!! Great job and congrats on your first flip! It doesn't sound like you ran into too many issues! Good luck with the rest of your journey!
Pittsburgh, PA · Member since 2015 · 24 posts · 12 votes
9y
Angelica Osusky congrats on your first flip and taking the huge leap!
As a 21 year old college student who has been putting cash away towards his first RE investment... I would like to know how you managed to raise 48 grand in capital while also playing basketball in school?
I am on track to have all my loans paid off and cash for a property in late 2017. I have been an RA twice, worked two other jobs, and had three engineering summer internships through my four years. However, I would like to know some of your strategies to speed up the process.
Thanks,
Eric Swope