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Updated about 8 years ago on . Most recent reply

Account Closed
  • Flipper
  • Pasadena, TX
0
Votes |
3
Posts

My first house flip in the work at 20 years old

Account Closed
  • Flipper
  • Pasadena, TX
Posted

So I bought this property with zero dollars. This is what I have done to the property and what's next.

Bought at; 77,500$ (4bed/2baths) 

Rehab budget: 10k (but since there were major unseen problems pushed it to 13k)

Closing cost; 780$

Lenders fee: 7% of 100k he let me borrow so 7k 

Buyers agent fee: 3,500$ (3%)

ARV; 125k (I will try to sell at 130k since it did not get flooded by Hurricane Harvey )

Holding = 3,000$ ( 6 months holding) 

Profit= 17k-25k 

This is the work the house needs and some that I had done and what it cost me.

Foundation lift (28 wholes)   = 4,050$ (done)

Plumbing (while the lift pipes broke)  = 1,200$ (done)

Driveway                  =2,000$

Kitchen                    = 1,200$  (halfway)

Roof rot repair         = 500$ (done)(did not replace the whole roof since it’s in fair condition)

Laminate Flooring   = 400$     (done)

Restrooms               = 800$

curb appeal             = 500$

Paint                         = 200$    (have it)

hardy planks            = 100$

framing/sheerock   = 300$      (done)

bass bord                 = 250$    (have it)

fans                           = 100$   (done)

doors                         = 450$  (done)

Helper =                     = 180$  (halway)

total                          =  12,230$

 left                              =770$

Most of the work I’m doing my self with others except foundation, plumbing, kitchen. The reason why is because I want to get experience and knowledge in how thing work and are. Next project I will do a lot less. Also, let me know what I could do to make it sell faster or what color of the house should be! Thinking of using gray neutral, but let me know! :)

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