Flipping Homes - My Exciting Journey (Post 3 of ?)
Hello BP!
I'm continuing the postings of all my previous flips. Throughout 2016, my company has grown and improved tremendously. From our contractors, project managers, to the office manager, we all developed as a team. We hope to reap even more rewards in 2017 than we did in 2016. Hopefully, some of you can learn from our mistakes and successes to help further your real estate journey.
Link to my previous post: Flipping Homes - My Exciting Journey (Post 2 of ?)
Property: Yee St, Moreno Valley, CA
Purchase Price: $165,000
Rehab Cost: $29,000
Escrow and Holding Fees: $11,600
Sold: $249,000
Net Profit: $43,400 or 22% ROI
What I Learned: Even if a property seems like it can't be fixed.. with the right contractors you can fix any house. Make sure you build the right team to conquer any size project. Also, understand what each person on your team is capable of doing. This house, at first, seemed like a long and time consuming project we were able to fix it up and put it back on the market in a matter of a couple months.
After Pictures:
Summary:
Even though the house seemed in bad condition, it was a very smooth rehab. Everything that went right, went right. My advice to any other potential flippers would be, no matter how hard a project is or may seem, keep your sight on the bigger picture. Persistence is key in this business, whether it be pushing your contractors to get a project done or pushing for a lower price.
Since we have over 30 ongoing projects right now, I plan to post one of these every week. Please let me know what you think about our flips or if I could improve on anything.
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