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!
Huntington Beach, CA · Member since 2016 · 4 posts · 1 vote
9y
Superb job. If you can't sell outright, consider owner financed sell. That way you get cash flow without headache of rental and expenses...capes, property tax, etc
Wholesaler · Knoxville, TN · Member since 2016 · 247 posts · 76 votes
9y
This is AWESOME!!!! Super impressed. Give me more details!!! How'd you finance? How'd you find your contractor or did you do it yourself? What got you into this?
That is an awesome turn around time. I've never heard of anyone doing something like that in less than a month, especially with full bathroom and kitchen renovations. Did you manage the sub-contractors or just the general?
Need more information. I both intrigued by your successful renovation and a little jelly-fish (jealous) about it. But I'm competitive and this is good. It fires me up. :)
Rental Property Investor · North Little Rock, AR · Member since 2016 · 82 posts · 19 votes
9y
Great looking flip! I'm curios at 21 and being your first flip, I'm assuming not a lot of credibility behind you and your company's name.. how did you get the financing for it?? For purchase and rehab cost
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
UPDATE: With only 7 days on the market, I have accepted a full price offer at 119,900. Hopefully the home inspection and closing process goes quick and smoothly! Thanks again to everyone for the thoughts, well wishes, and congratulations:)
Plainfield, IL · Member since 2016 · 139 posts · 53 votes
9y
@Angelica Osusky Awesome job! I'm happy to see young investors such as you having real estate success right from the get-go. I'm not much older(23) but I'm getting close to being ready to make my first REI purchase. I'm curious- what is the address of where you flipped the property? I like nearby Joliet and am pretty familiar with the area.
Investor · Baltimore, MD · Member since 2016 · 4 posts · 3 votes
9y
Wow! what a great job, the pictures show that you did a fantastic job breathing fresh air into something that was stale but is now fresh and new. You are an example for other first time rehabbers to follow. Take a moment to breath and enjoy your success.
Investor · Tacoma, WA · Member since 2016 · 8 posts · 9 votes
9y
Awesome job Angelica! This home looks great. Congratulations on diving in at such a young age, when its meant to be , its meant to be. This site will help you with so many questions you have along the way and help you to meet me other fellow investors that are looking to support your journey. I have only been on the sit for less than a month and have managed to have an entire team to help me with anything I need. Meet-ups from Bigger Pockets are great also! You have a great start , keep us posted on your future projects!
Real Estate Investor · New York , NY · Member since 2016 · 44 posts · 4 votes
9y
Just getting to this post @Angelica Osusky. Great Job! If I may, how did you fund? JV or other creative? Please keep us filled in during its time on the market. That's almost as important and interesting as the rehab itself.
Tacoma, WA · Member since 2015 · 141 posts · 29 votes
9y
Wow, amazing. I tried to start at your age but had some road blocks. BTW properties in Illinois are cheap! Tell us what comps are selling for and how long they were on the market for. :)
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Lorin K. The comps were a little scattered because a lot of them did not look at all this nice. But the best comps we found were newer homes around 125 range. Being slightly older home we took that into consideration and adjusted the price accordingly. It was on the market for 7 days and I accepted a full price offer at 119,900!
Joliet, IL · Member since 2016 · 119 posts · 88 votes
9y
@Scott Sankhi College fund. I received a full ride athletic/academic scholarship, so I was able to use the money that would have gone towards college tuition to fund my investment!