$50K Flip Property Success

Real Estate Deal Analysis & Advice

$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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Most Popular Reply

Jay HinrichsBusiness Member

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

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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Patrick Philip
FL · Member since 2016 · 912 posts · 107 votes
9y
Wow.
You are quite the handyman and interior designer.
0 Reply
Denise Mayo-Walley
Investor · Sugar Land, TX · Member since 2013 · 71 posts · 26 votes
9y
Beautiful job!!!!! Congrats on your successful flip!
1 Reply
John Burtle
Real Estate Broker · IL · Member since 2016 · 284 posts · 178 votes
9y
Absolutely amazing! Can you please tell me which flooring you used in the living room and kitchen?
0 Reply
Jennifer PetrilloPro Member
Investor · Asbury, NJ · Member since 2015 · 226 posts · 205 votes
9y
It's beautiful, congratulations!
We are using a flat fee MLS listing service (Realmart) to list our current flip in a week or two. For $300 they list your house on the MLS (and all the other sites like Zillow, etc), I write my own listing or they will help you with this, I can have up to 25 photos, they send me signs (which I don't need b/c we have our own for our company), I can upgrade to include the selling documents, open house with local broker, etc. I will offer 3% commission to the buyer's agent and save on having a seller's agent involved. We did this to sell our townhouse a few years ago, it had a handful of showings right off the bat, under contract in 6 days, 3% commission total was paid. I do not know why more people don't do this!
2 Reply
Edgar Martin
Peoria, AZ · Member since 2017 · 27 posts · 4 votes
9y
@Rodney Marcantel Thank you for breaking it down Rodney. It makes perfect sense now.
1 Reply
Sean Kelly
Property Manager · Nashville, TN · Member since 2016 · 51 posts · 7 votes
9y
love this great resource tips
0 Reply
Rodney Marcantel
OP
Coppell, TX · Member since 2014 · 188 posts · 125 votes
9y
John Burtle we used laminate with padding mounted to the back side so it was easy to install. Bought from www.floorstoyourhome.com. I normally do engineered hard wood but for the market and size laminate was the right choice. Just make sure it is water resistant (not water proof) if using in the kitchen.
1 Reply
Juan Ramos
Investor · Phoenix, AZ · Member since 2016 · 7 posts · 2 votes
9y
Very nice!!! I have the same questions than others above. Please reply and thank you for sharing.
0 Reply
Ashley W.
Real Estate Agent · Miami Beach, FL · Member since 2016 · 73 posts · 49 votes
9y
Beautiful! Congrats!
0 Reply
Jeneen Ford
Lender · Cleveland Heights, OH · Member since 2015 · 7 posts · 5 votes
9y
Congrats! Looks beautiful.
0 Reply
Kenny Engel
Mayfield Heights, OH · Member since 2016 · 20 posts · 3 votes
9y
I've heard of listing spark. How would you evaluate them?
0 Reply
Ian WalshBusiness Member
Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
9y
Really nice work. Way to go.
0 Reply
Laura Vance
San Diego, CA · Member since 2017 · 5 posts · 0 votes
9y
Profitable flip
0 Reply
Michael Noto
Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
9y
Good job on this @Rodney Marcantel. The fact that you did most of the work and finished it that quickly is awesome.
0 Reply
Kelly Arthur
Scotch Plains, NJ · Member since 2015 · 89 posts · 31 votes
9y
Nice job. I like your choice of finishes!!!
0 Reply
Mary Obidinski
Vista, CA · Member since 2017 · 10 posts · 6 votes
9y
Very nice job, congratulations!
0 Reply
Oscar Galvan
Real Estate Agent · Aurora, CO · Member since 2017 · 10 posts · 6 votes
9y
Wow that's amazing i like what you did to the place. Success stories like this one make me 10 times more motivated. Thanks for sharing
2 Reply
Van Blackman
Real Estate Broker · Chicago, IL · Member since 2015 · 122 posts · 103 votes
9y
Awesome job @Rodney Marcantel!
I love seeing other investors' success stories.
It's a great time to be in a great business. Great job!
1 Reply
Will Morris
Investor · Marysville, WA · Member since 2017 · 16 posts · 11 votes
9y
Looks great love the barn doors
1 Reply
Brian Garrett
Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes
9y
Congrats on turning a great profit. It looks amazing!
1 Reply
Rodney Marcantel
OP
Coppell, TX · Member since 2014 · 188 posts · 125 votes
9y
Originally posted by @Kenny Engel:

I've heard of listing spark. How would you evaluate them?
10 on a scale 1 to 10. They are very responsive, update online info quickly and work with you throughout the whole process. And if you're novice about contracts and details on closing a sale, they charge an extra $800 for a personal real estate broker to do all the paperwork. I didn't need that on this flip because I have a Title Company Lawyer who works with me to close deals and do all the paperwork.
1 Reply
Peter Mac
Rental Property Investor · Irvine, CA · Member since 2017 · 29 posts · 22 votes
9y
Great job! Property looks very very nice.
0 Reply
Brandon Johnson
Investor · Baton Rouge, LA · Member since 2014 · 280 posts · 219 votes
9y
@Mercedes Masrua I would call the local permit office and ask them what guidance they can offer if you hypothetically had a house this happened in. You do not have to disclose the address to get them to answer this question. They may allow you to get the addition permitted by signing an affadavit stating that the work was done by licensed contractors according to the local building code. At least you will know what you are up against if you ask.
Great flip Rodney, I'm glad it worked out so well for you.
See you at the top!
1 Reply
Tracey Fergerson
Real Estate Agent · Colorado Springs, CO · Member since 2016 · 7 posts · 11 votes
9y
Congrats! This is encouraging. Thank you for sharing the details.
0 Reply
Koti Reddy
Investor · Morris Plains, NJ · Member since 2017 · 2 posts · 0 votes
9y
Great job @Rodney
0 Reply

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