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Updated over 7 years ago on . Most recent reply

First Flip in the Books
I just closed on my first flip in the Seattle area a couple weeks ago. I learned a lot in the process and even made some money. I ended up buying the property at the county auction. The property was a major hoarder house as you can see in some of the pictures below. After all the junk was removed it was a basic cosmetic rehab. The rehab ended up taking 4 weeks to finish. After placing the property on the market I had about 15 showings before I ended up accepting a full price offer 13 days after listing.
The biggest thing I learned through the whole process was to make sure every thing is in writing and agreed upon and signed before any work is started. I also recommend getting a couple different contractor quotes before agreeing to one and do your due diligence on the contractor. I ended up getting a recommendation and everything worked out alright but I will definitely do more due diligence in the future.
Here are the numbers.
Purchase Price - $158,500
Rehab Costs - $37,000
Sale Price - $252,500
Profit - $10,500
13.4% COC
Here are some before and after pictures.
Most Popular Reply

Congrats Ryan :-)
And with a property bought from the auction too. I don't see too many success stories there! If anything, I see more horror stories than successes nowadays, like this one:
https://www.biggerpockets.com/forums/12/topics/496...
Curious why you only made $10,500 profit though, based on the numbers you provided. Seems like it should have been more? Was your financing costs overly expensive? Did you have to give seller concessions?