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
@Nija Lowery Are you on the app? I have had this problem as well occur before when I was on the app. Try logging onto the computer and message me from there!
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Michael Mullins Thank you! We did not paint the cabinets ourselves. These white kitchen cabinets were shipped that color, we just assembled them and added the hardware to complete the look. The next flip will be as soon as this one sells! I will be sure to keep you all posted!
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Account Closed 19? Awesome! Definitely something to be proud of. My goal for 2017 is to do at least four flips. So I plan to keep that rate of a new one just about every 3 months! Thanks, and best of luck!
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Account Closed It was financed with cash. If you are looking for other ways to finance fix and flip deals I'd suggest you check out The book on house flipping by J scott. He not only speaks on financing but breaks down and talks about every aspect of flipping houses.
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Chris Low It was financed with cash so there was no mortgage payment nor cost of money. There will be realtor commission, fees, etc when selling. I did accidentally leave those out from the numbers. That will definitely affect my profit at the end. However, it will still be a pretty good return!
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Ryan Redenius Because of the timing of the auction and how quickly it started and stopped my GC did not walk through the property prior. However, the very next day I had him come. I wouldn't suggest this but that is what happened in my situation.
Investor · Shorewood, IL · Member since 2011 · 79 posts · 18 votes
9y
congrats Angelica, great experience .
I would highly recommend lease option -you can get a higher then market price with a non refundable option fee. I've done several in Joliet. I also have several rentals in that area. I would also recommend you as soon as your able to transition into buy and hold to do so. I believe in that's where the wealth is built. Great Job ! If I can help with anything pls let me know.
Lender · Bremerton, WA · Member since 2016 · 58 posts · 34 votes
9y
Phenomenal work. You have a great eye from interior design and improving value. Definitely Keep pushing forward. I had a similar circumstance here in Washington state.
I bought a condo at 23 with about the same value.
Appraised at 75k
Bought at 66.5k
Rough rehab cost 20k ( I didn't do a very good job keeping track of my cost and receipts because I was dumb)
Newly Appraised at 120k.
Considered selling but just took out a HELOC and rented it out for 1260. Almost got away with 1350.
Rehab was done over the course of 2 years because I was in and out of deployments as well as living in it. Trust me, not fun.
Just some words of advice, advice that I'm still having trouble accepting. Don't worry about going faster when it comes to real estate. As long as you're moving forward...Just don't stop.
Real Estate Professional · Baton Rouge, LA · Member since 2016 · 109 posts · 30 votes
9y
@Angelica Osusky, two thumb up and great job with the rehab, what kind of floor did you put in the bathroom i want to use the exact replica in our upcoming rehab, please pm me if you have time, keep posting but most of all keep sharing, Outsdanding & don't stop now you just getting your feet wet!!!