35K Profit on my first flip! Before and After pics!
It is possible after all! After months and months of learning, I decided to dive in to the world of flipping. After a month of searching and offering on properties, I found the winner. I bought it off of the MLS (10 other offers on the property day 1 and I got it.) Ballsy to pay more than everybody else? Probably. I'd like to think that it was the personal letter / picture of my cute dog that got me the deal...But it was an awesome deal even at the price I paid. (363K) I know, I know, that's very expensive in most markets. When I do new things in life, I always go all in.
This property needed a full renovation which I estimated to be 110K, and the after repair value was estimated at 520-550K depending on the finishes. The house needed all new HVAC, decks, siding, railings, flooring. I still went for it!
I shopped for a good HML for 2 weeks and finally found one with relatively good terms that was willing to lend to a first time flipper. I knew nothing about home construction, but decided it would be best to learn as I go. After 3 months of hard manual labor, financial stress, managing subs, the rehab was complete! I had 3K left to my name, 2 maxed out credit cards, 4K a month in holding costs. Like I said before... all in.
The property had multiple offers on the first day and closed 2 weeks later for 536K. I came in under budget, too! :)
Salt Lake City is a tough market and really hard to find good deals, but if I can buy one on the MLS, use hard money, AND pay realtor fees aaaaand still make money? Anybody can do it.
Now I'm completely addicted.
Congrats on your first flip! Great Job! How did you like working with a hard money lenders?
Who was your hardmoney lender?
Wow! Beautiful finished product. Thanks for sharing. Before u know it, u will be a flipping machine. Lol..... Congrats!
@Dan Beaulieu Congrats. Thanks for the inspiration, you did a fantastic job.
House looks awesome @Dan Beaulieu
Great job! Inspirational!
Hi Daniel, your story is very inspiring...was the Hard Money Lender local to your area?
Daniel,
I also live in the SLC. I have yet to purchase my first investment property, I'm working on saving up some reserves since getting out of grad school. What advice would you give another local SLC resident on starting down the path of RE?
Also, congrats on the awesome flip!
Originally posted by @Erik Simpson:Daniel,
I also live in the SLC. I have yet to purchase my first investment property, I'm working on saving up some reserves since getting out of grad school. What advice would you give another local SLC resident on starting down the path of RE?
Also, congrats on the awesome flip!
I'm no expert, but I can tell you what worked for me getting started. READ. Every book in sight. SAVE. Downgrade your car and lifestyle to the bare minimum to increase your cash position. Attend SLREIA meetings, and listen to ever single BP podcast there is.
Great job @Dan Beaulieu ! Looking forward to hearing about your next one also.
Good job for sure. Is this something you plan on doing full time now?
What a great success @Dan Beaulieu it was a huge decision making for a first time flip but you gain a tons of learning and experience with that deal.Hard work and sacrifices the outcome is success.Thanks for sharing your story it motivate us.Hope for more success to come.Best of Luck.
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Real Estate Agent South Carolina (#305372) and North Carolina (#305372)
- Kai Kopsch Realty One Group Select
@Dan Beaulieu who did you use for your HML, Congrats on your flip by the way. I am currently looking into my first big project. I am also having issues with a realtor who won't put in offers on house that don't require proof of funds, is that pretty normal?
@Narkita Guzman It was a local HML. Doesn't sound normal. Your Realtor works for YOU and should offer on whatever YOU say to offer on.