$50K Flip Property Success

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$50K Flip Property Success

Rodney Marcantel
Coppell, TX · Member since 2014 · 188 posts · 125 votes

Just got an offer 4 days after listing my latest flip property $6,500 over asking. Working with Listing Spark for the first time has saved me over $6,500 in commissions! So that's $6,500 over asking plus $6,500 in commission savings = $13K in additional profit over asking price.

Breakdown of which I did 70% of the work myself...

Purchased home for $112,000 (Cash) 2/24/2017
Closing Costs: $1,461.06
Rehab Expenses: $58,540.78
Holding Costs: $278.17 (Utilities)
Offer Accepted: $230,500 (Asked $224K) 5/8/2017
Profit: $52,637.22
Total Rehab time: 69 days
Days on market: 4 days

Home Facts: 1576 sq.ft. 3/2/2, new roof, foundation (21 piers), masonry work, new HVAC, New Appliances, New cabinets (soft close), totally gutted bathrooms, new floors throughout, new landscaping and sod, painted brick and all interior and 2 non-load-bearing walls removed in kitchen.

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y

nice work !! that's a very quick flip.. you must have some good crews as well.

what about cost of capital.. did you do this all out of pocket ???

Listing Spark ??? whats that

did they offer over list and then ask for seller pre paid credits for their loan.. virtually every deal I have ever done under 300k the buyer ask for seller credits for Closing costs.

how about property taxs?  need to factor those and insurance.

OH I see you did most the work yourself  so you can't beat on the GC or the help

end of the day nice job.

Most folks who would have to hire this out.. and get HML would not do near as well of course but still be in the Black

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    nice work !! that's a very quick flip.. you must have some good crews as well.

    what about cost of capital.. did you do this all out of pocket ???

    Listing Spark ??? whats that

    did they offer over list and then ask for seller pre paid credits for their loan.. virtually every deal I have ever done under 300k the buyer ask for seller credits for Closing costs.

    how about property taxs?  need to factor those and insurance.

    OH I see you did most the work yourself  so you can't beat on the GC or the help

    end of the day nice job.

    Most folks who would have to hire this out.. and get HML would not do near as well of course but still be in the Black

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    9Reply
  • James MaraditsPro Member
    Real Estate Broker · Cleveland, OH · Member since 2015 · 239 posts · 224 votes
    9y

    I'd call that a success story!  Congrats.  Looks like a beautiful house.  Love the detail in the kitchen.

    3Reply
  • Mike DmuchoskiPro Member
    Realtor · Mesa, AZ · Member since 2014 · 158 posts · 56 votes
    9y

    A great success, congrats.  Loving the barn doors.

    3Reply
  • Rodney Marcantel
    OP
    Coppell, TX · Member since 2014 · 188 posts · 125 votes
    9y

    Listing Spark offers marketing services for only $7 per day listing placing your property on MLS, Trulia, Zillow and Realtor.com. They do a one time email blast to local agents, provide a sign and for $99 extra they provide signs and marketing for each open house (if you run the open house) and $199 (if they provide a local agent to run the open house). I paid for an open house showing but never had to do one because of the great offer in 4 days.

    My first flip was over 3,000 sq.ft. and I put $90K into it (had a pool that needed $10K in repairs and $10k in popcorn ceiling removal/new texture/paint). Ended up losing money on that one but more than made up for it with this one.

    So lesson learned. I'm sticking with 2,000 sq.ft. or less properties and looking for them in really bad condition but in good neighborhoods. Also, observing other updates in those sub-divisions to get a feel for price/sq.ft. and curb appeal.

    Ready for next one if I can get this house closed sooner than mid June. FHA buyers take longer to close if you purchase and complete rehab in less than 90 day.

    7Reply
  • Jason Young
    Investor · Southeast, VA · Member since 2017 · 46 posts · 11 votes
    9y

    That's a lot of work if you did 70% of it but good for you. Nice to hear these success stories and man you flipped it really quickly. Good job!!!!

    2Reply
  • Grady L.
    Rental Property Investor · Albany, OR · Member since 2016 · 34 posts · 8 votes
    9y

    Nice work. Do you mind sharing the details on the rehab budget? 21 piers sounds expensive by itself, but I'm also interested in seeing the rest of the numbers.

    Good thing you didn't give up after the first one!

    2Reply
  • Hampton Logan
    Residential Real Estate Broker · Milton, GA. · Member since 2017 · 29 posts · 17 votes
    9y

    Looks very good - nice job especially since you "finished in the black".

    0Reply
  • Jessie Huffey
    Sandpoint, ID · Member since 2015 · 68 posts · 37 votes
    9y

    Awesome job. My husband and I also do flips, but "slow flips". You got this done FAST!

    2Reply
  • Greg D.
    Investor · Vancouver, WA · Member since 2017 · 30 posts · 6 votes
    9y

    Great job @Rodney Marcantel !!!

    2Reply
  • Andrew Herrig
    Rental Property Investor · Dallas, TX · Member since 2012 · 502 posts · 263 votes
    9y

    @Rodney Marcantel Nice flip! How did you find the deal? That seems to be the most difficult part in DFW these days.

    3Reply
  • Igor Gajic
    plantsville, CT · Member since 2017 · 32 posts · 9 votes
    9y
    Congrats!! Love seeing this stuff !!!
    0Reply
  • Samantha Lee
    Real Estate Agent · South Pasadena, CA · Member since 2017 · 4 posts · 0 votes
    9y

    Great job.  Congratulations!  Are you a licensed contractor?

    0Reply
  • Ajeenah Alexander
    St Clair Shores, MI · Member since 2015 · 2 posts · 1 vote
    9y

    Great job Rodney! Way to make up for the previous learning experience!

    0Reply
  • Scott W.
    Real Estate Investor · chicago, IL · Member since 2012 · 1k+ posts · 231 votes
    9y

    you had no loans on this flip? that's a ton of $ to shell out w/out a loan. any partners? if so, how many?

    how many hours would you say you put into this deal?

    0Reply
  • Collin Garbarino
    Investor · Sugar Land, TX · Member since 2017 · 97 posts · 71 votes
    9y

    Inspiring story. Thanks for sharing.

    0Reply
  • Jimmy Crandall
    Specialist · Farmington Hills, MI · Member since 2016 · 4 posts · 1 vote
    9y

    On market for 4 days? DFW is HOT! Great work. 

    0Reply
  • Jason Carter
    Detroit, MI · Member since 2017 · 9 posts · 7 votes
    9y
    Congrats! The property looks great... Thanks for the information regarding Listing Spark. I see this as a win for sure, especially since you did 70% of the work, thus creating a higher profit margin for yourself! Reading a post like this is inspirational...
    2Reply
  • Enrique Pisfil
    Woodbridge, VA · Member since 2017 · 10 posts · 1 vote
    9y

    Awesome stuff! 

    Can you share what costs went to what part of the rehab? 

    1Reply
  • Guy Laclair
    N/A · Member since 2016 · 12 posts · 4 votes
    9y

    Fantastic! Would love to see your reply on some of the questions above.

    1Reply
  • Michael Lam
    Investor · San Gabriel, CA · Member since 2017 · 1 post · 0 votes
    9y

    GOOD JOB AND WELL DONE

    0Reply
  • Paul Kothari
    League City, TX · Member since 2017 · 3 posts · 3 votes
    9y

    Very nice rehab!!! Great numbers...How did you acquire the property? Off-market/Auction/MLS?

    2Reply
  • Demetria Givens
    Memphis, TN · Member since 2017 · 7 posts · 5 votes
    9y

    Great Job!!!!! Love it......

    1Reply
  • Chiagozie Fawole
    Syracuse, NY · Member since 2015 · 100 posts · 87 votes
    9y

    congrats!

    0Reply
  • Maheen Akhter
    Kansas City, MO · Member since 2016 · 8 posts · 5 votes
    9y

    Wonderful!

    0Reply
  • Ray DipasupilPro Member
    Investor · Los Angeles, CA · Member since 2016 · 149 posts · 51 votes
    9y

    What a fantastic story. What were the 3 biggest challenges you encountered?

    1Reply
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