Peoria, AZ · Member since 2017 · 27 posts · 4 votes
9y
Jim McCabe Congratulations Jim! That's gotta be a great feeling getting the first one under your belt! I was curious what percentage you paid for closing costs?
Flipper · Indianapolis, IN · Member since 2016 · 75 posts · 44 votes
9y
@Renata Siman we did 95% of the work ourselves. Only hired in contractors for a couple bigger projects. We took possession of the house on Feb 15 and officially closed July 31. The rehab itself took approximately 3 months. We got an offer and accepted in just over 2 weeks of listing it. We listed May 10 and accepted an offer May 28. We ran into some red tape with FHA loan stuff which pushed the initial offer closing of July 7th to July 31.
Rental Property Investor · Seal Beach, CA · Member since 2016 · 115 posts · 85 votes
9y
Wow, that is awesome Jim McCabe . I am looking to do the same in the near future, so this is inspiring. Do you have experience with home remodeling, or did you just go for it and learn as you went? Congrats on your success!
Flipper/Rehabber · Madison, WI · Member since 2017 · 49 posts · 14 votes
9y
Great job and great information! Thanks for sharing. First timers and noobs are definitely encouraged by people like you who weren't afraid to get started!
Tampa, FL · Member since 2017 · 240 posts · 153 votes
9y
I believe the most aggressive strategy in general with real estate is to have both cash flow properties AND to have rehab projects going on at the same time. The cash flow properties exist in your portfolio for obvious reasons, and the rehab flips earn you extra capital to keep it rolling into a bigger one as time passes. I have yet to flip a house though. Central Florida should be doable, but I seldom search out properties that seem like a good flip, because a good flip usually is simultaneously a good cashflowing buy/hold type of property. I trade in the stock market and such when I want to get my speculating on
Also it seems that you and the wife did a lot of the rehab yourself, how much do you think it would have cost if you had a contractor do it? I'm asking since I hold a full time gig and I'm not handy so I may end up getting a contractor to do this for me, however will that break the deal in your scenario? Thanks for the input man and again congrats!
Flipper · Indianapolis, IN · Member since 2016 · 75 posts · 44 votes
9y
@Jason Chen thanks for the advice. I do own one cash flow property. It's something we backed into a long time ago. It is in our long term goals to obtain more. Currently our plan is to build our capital to do this very thing.
Flipper · Indianapolis, IN · Member since 2016 · 75 posts · 44 votes
9y
@Fernando E. My guess is it may have cost us another 10k to 15k to have a contractor do all the work. My wife and I also hold down full time w2 jobs, so I wont' pretend like it was easy. A lot of family time working on the house evenings and weekends. Which is some respects was good. I was able to teach me kids how to do certain projects that we don't do often at our house (electrical, plumbing, etc). Doing all the work ourselves is not how we want to move. As we get more flips under our belts we will phase ourselves out more while we find confident contractors to take over the work.
Real Estate Investor · Macedon, NY · Member since 2016 · 251 posts · 290 votes
9y
@Jim McCabe Congrats on the first on. I'm currently in the middle of my first one as well. Do you have any pictures of the before and after you could share?
Flipper · Indianapolis, IN · Member since 2016 · 75 posts · 44 votes
9y
I was asked about before and after pics. I still haven't had a chance to get those up but we did do a couple YouTube videos where you might be able to see some before and afterness. The link is here