35K Profit on my first flip! Before and After pics!

35K Profit on my first flip! Before and After pics!

Dan BeaulieuPro Member
Lender · Knoxville, Tennessee (TN) · Member since 2016 · 422 posts · 667 votes

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.

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Real Estate Investor · Dallas, TX · Member since 2009 · 183 posts · 153 votes
9y

I'm impressed, good job.  Don't worry about some of the mistakes you made, learn from them, don't make them again.

I never ever pay anyone up front, unless they are a huge legit company, and usually that means I put it on the credit card, so I have extra security.  Random joe blow company who wants 50% up front?  Nah.  

My philosophy is, I am building a house, I can't go anywhere, you can place a lien, and you can easily track me down.  You?  You are a random person and I am not going to spend one millisecond tracking you down if you screw me.  So either you do the work up front and then get paid or cya, plenty of others out there who don't need money up front.  

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  • Investor · Champaign-Urbana, IL · Member since 2014 · 84 posts · 49 votes
    9y
    Wow! That's a great way to get started. Good job?
  • Dan BeaulieuPro Member
    OP
    Lender · Knoxville, Tennessee (TN) · Member since 2016 · 422 posts · 667 votes
    9y
    Originally posted by @Darrell Jones:

    If you don't mind sharing, which HML did you end up going with?

    SUPER GREAT JOB ON YOUR  FIRST FLIP!!!!

     A local SLC lender called American Funding

  • Investor · Stuart, FL · Member since 2016 · 193 posts · 32 votes
    9y
    This is beautiful, man. Congratulations It only gets better from here
  • Morgantown, WV · Member since 2017 · 7 posts · 3 votes
    9y
    Great job, thanks for sharing! That kitchen backsplash is everything.
  • Van Nuys, CA · Member since 2017 · 1 post · 0 votes
    9y
    Congratulations ! You just inspired me to keep on going 🙌🏻
  • South Jordan, UT · Member since 2017 · 17 posts · 3 votes
    9y

    congrats and well done @Dan Beaulieu!  

    Im in Utah too and still haven't pulled the trigger, so this did my heart good

  • Investor · Carol Stream, IL · Member since 2014 · 49 posts · 11 votes
    9y
    Congrats!!!
  • Houston, TX · Member since 2017 · 19 posts · 12 votes
    9y
    That's a really nice job Daniel, that is amazing. Way to step out in confidence and risk it all, basically burning the boats & bridges back, ALL IN!!! You're an inspiration.
  • Little Rock, AR · Member since 2014 · 6 posts · 2 votes
    9y
    Nice work! It looks good!
  • Investor · Union City, CA · Member since 2015 · 34 posts · 8 votes
    9y

    Congratulations. That is incredible and uncommon. Keep it going!

  • Flipper/Rehabber · Patchogue, NY · Member since 2015 · 73 posts · 29 votes
    9y

    Stunning renovation.  Big congrats!

  • Investor · New Orleans, LA · Member since 2016 · 24 posts · 4 votes
    9y

    Congratulations!   Its so eexciting to do that first flip.  We're working on our second.

  • Lender · West Palm Beach, FL · Member since 2016 · 18 posts · 2 votes
    9y
    Congratulations you will have many more keep it up!
  • Saint Louis, MO · Member since 2017 · 26 posts · 9 votes
    9y
    Awesome job! I'm in the process of saving up for my first flip. I make great, amazing money at my current job but I travel so much for work I'm missing watching my 4 month old son grow and I don't wanna miss much more! I'm hoping all the reading and learning I'm doing on real estate investing leads me to a life on my own terms someday. Congrats man it looks awesome!
  • Lender · Los Angeles, CA · Member since 2016 · 6 posts · 1 vote
    9y
    Well done mate!!
  • Lender · Los Angeles, CA · Member since 2016 · 6 posts · 1 vote
    9y
    Love the finishes by the way! Looks like you delivered a Top quality product to the market!
  • Dan BeaulieuPro Member
    OP
    Lender · Knoxville, Tennessee (TN) · Member since 2016 · 422 posts · 667 votes
    9y
    Originally posted by @Giovanni Oliva:

    Love the finishes by the way! Looks like you delivered a Top quality product to the market!

     Thank you! it's really satisfying to use quality finishing materials even if you spend a little bit more. To have people fighting over something that you've created is an amazing feeling! I'll probably do all my flips like this moving forward. The satisfaction alone is worth a couple thousand bucks!

  • Contractor · Carlstadt, NJ · Member since 2017 · 4 posts · 2 votes
    9y
    Great job on your first flip! Your story motivates me to continue pushing forward. As newbies we are filled with doubt, but when a fellow newbie accomplishes his dream we are inspired and can accomplish our goals also. About the tax man : let's hope that we make so much money this year that we have a HUGE tax bill in 2018. The more we pay, the more we made.... Right ?
  • Chandler, AZ · Member since 2016 · 109 posts · 56 votes
    9y

    Wow! Love the pictures added thanks for that. 

    Congrats!

  • Rental Property Investor · Vancouver, WA · Member since 2014 · 73 posts · 15 votes
    9y
    Thank you for sharing your story. You are an inspiration to all newbies!!
  • Investor · FL · Member since 2017 · 14 posts · 1 vote
    9y

    Thanks for turning a dreamer into a beleiver.  Congratulations.  

  • West Bridgewater, MA · Member since 2017 · 81 posts · 14 votes
    9y
    Congrats, reno looks awesome!
  • Lender · Los Angeles, CA · Member since 2015 · 800 posts · 229 votes
    9y

    Very nice work. Congrats on the profit!!

  • Flipper/Rehabber · Memphis, TN · Member since 2014 · 39 posts · 30 votes
    9y

    @Dan Beaulieu congratulations and fantastic job.  Your overconfidence achieved you a confidence boost.  We are finishing up our first flip in Memphis and are excited to share our experiences. 

    Hope your visit here is a good one.  There is a solid contingent from Memphis on BP.  @Elizabeth Wilson @Douglas Skipworth @James Wachob are all great points of contact.

  • Accountant · Pleasant Garden, NC · Member since 2015 · 39 posts · 11 votes
    9y

    Congratulations Daniel!  My husband and I are closing on a house soon and it will be our first flip.  We plan on having a success story to post during the summer!  Thank you for sharing the details of your flip, and your suggestions.  It's the beginning for a lot of us so it's nice to hear of your success!  Good luck on #2!

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