I think we just made 165K

I think we just made 165K

Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes

Hi hi, My name is  MSOOTKAUG

Just finished my first flip!

I once saw a question here that asked "how much money has Bigger pockets made you?"

$165K 

End of my success story!

Thank you all.

well..

(not counting the other wholesale deals I have made hooking up with a buyer from BP!

You must be wondering how this awesome happy story went right? Well there was no happy story damn it! It was a damn NIGHTMARE!!

But Let me tell you how it started.

WAIT. First. Thank you Jake Andre Adrian and Trevor from InvestorCarrot. I am ALWAYS on their case being very demanding and super picky with my websites. This would not have happened without you. If any of you need help setting up your sites or ranking high.. get in touch with me!

OK now..

So, for some reason, I get good deals. Must be my monkey looks! So after wholesaling my last deal I figured I can make a lot more money if I had flipped it myself. I got tired giving away my good deals to other flippers. So I said, "Phoomba" it. (If I can't swear on this forum I will make  up my own swear words!) Smart huh?

So here I am, Young master of the universe writing a post on BP.

And it goes a little something like this:

https://www.biggerpockets.com/forums/12/topics/315...

Well my little puny humans, I got laughed at, got insulted (in pvt message), got called names...

Blah

Blahhhh

Blahhhhhh

BLAAAHHHHHH

Look , I know you all are trying to help.. well some just want to come over as smart...

And this is  a really important lesson. As a newbie you are tempted to listen to those who are successful. I am known to be a stuborn own thinker, and I don't easily take advice from others that goes against my desires or thoughts. 

Fight the man!!

See... I do not need 10 people to agree with me or willing to do this with me.. no.. no... I just need 1... [ONE]! So I let them laugh, poke fun, respond to messages in a condescending way. I let them think they are the know it all hot shots....

I just need one, that would say.. "Phoomba.. I will work with you!"

And guess what... a day later, Mr. Gold (that is how I and my contractors call him now), wrote me a massage asking me "yo Monkeyboy, Lets talk"

Well it turned out it wasn't a good deal to go 50/50 on so I tried to wholesale it. The buyer met the seller and they pushed me out of the deal very sneakily. But that is for an other day.

So because I am a brilliant all knowing immortal robotics scientist, I got invited to a robotics competition in Zurich. Again.. that is for an other day...

but when I got back 15 days later.. I had a lead waiting for me though my most awesome Investor Carrot website. I feared that the hot lead may have run cold as it was 10 days old! But no! 

Still very interested.  So I asked... how much do you want for it? He said 100K. I said come on man... how much,

He said 90.

I said Dude. I will give you 64.5K. He said OK

I said ..wait what? Really?

(of course I didn't say that. Come on!! )

Well the house was a crap house!

Lookie here

So  I run to Mister Gold. I say. Dude. Check this out. A little bit of digging, this guy, just buys the house, and starts to give me money directly into my bank account.

So I decided to steal his money and run. What an idiot!  HAAAAAAA

I am kidding of course!

It is crazy I tell you. I have still never met Mr. Gold. I trusted him not to steal my deal because I am an idiot. I had no idea (back then) how crappy Humans are! (I sure did find out afterwards though). He... he also just trusted me not to run away with his money.

But we are an awesome team. I use him for his money and he.. for my good looks! (which I guess  is equivalent to getting good deals ^_^). Mr. Gold.. if you are reading this.. I don't mean it. I think you are very handsome too! Sure you are! Don't listen to everyone else. You are beautiful!

Well my little mortals...

That brown stuff that apes throw when they are pissed at you... well .. THAT hit the fan. Heck it slammed the fan knocking the fan right over.

A LOT went wrong!! But LUCKY for us, a lot went right as well. From my moron contractor that lied to us he was licensed in plumbing and electrical.. that did all the wiring and plumbing and then covering it all up with sheetrock, trying to scam the city into thinking no one touched electrical, to not ever having a single inspection done, then stealing money from me, and running, and buying the cheapest material.. ever!...

But alas. We were expecting the house to sell for about $235K.  But after time flew by, and I made sure we used super quality materials, we decided to list the house for $299K. 

This buyer was a DIFFICULT buyer. OMG man!!

Want to hear something funny? Sure you do.

Everyone knows I am a master of SEO. You do not? well now you do. I ranked one on google in about 4 months. ANd not just that. Google gave me mini links under my SERP search results. I am the envy of all the SEO companies. And THis is not a coincidence. I have a super secret, super whitehat SEO technique that will put e on top of google every.single.time! I kicked aside other competitors that have been doing this for 15 years.paying some SEO company thousands of dollars a month.. and they got slammed over by a rooky HAAAAA HA HA snort. no no sorry. Not polite to laugh at others. 

Where was I.. oh yeah... 

Me being the greedy SEO freak. I put my pics with alt tags and watermark on the MLS, to get more traffic and internet presence...

wellllllll my silly little humans...  the buyer found my site, and in return my blog. The difficult buyer that he was, of course looked at the before and after pics on my blog, and saw how horrid the house was, obviously including model and what not. He then gave the city inspector my blogs, and  "heey what do you know.. you removed a wall here and a wall there..." Was bad!... We thought the contractor took care of all the permits and such... well he didn't. 

So we had a lot to take care off.... but it all worked out in the end.

how? That buyer got so paranoid and so difficult even the inspector told him to friggin CHILL!

He ended up walking away :(

But a few days later we got an other offer. It was not at all $305K though... 

No No.. it was  THREEHUNDEREDANDTWENTYFIVETHOOOOOUUUUUSANDFREAKINGDOLLARS!! Yup $325K

So Mr Gold and I split $165K

I had to pay back a bunch of crap that I had put on my CC due to that stupid contractor though, but hey,.. no I have my own Mr. Gold to hug and love and stroke and pet and I will call him George!

Here are the afters.

ORIGINAL FLOOR PLAN:

CHANGES:

NEW FLOOR PLAN

Sold $325K

Purchase $64.5K

Rehab $120K

12Reply
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Most Popular Reply

Engineer · Allentown, PA · Member since 2014 · 105 posts · 64 votes
8y

this was physically painful to read.

but congrats on the sale/deal! gl on the next!

See this reply in the discussion

32 Replies

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  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    8y
    Originally posted by @Daniel Raposo:

    Hey Jerryll Noorden

    Congratulations on your first flip!! It’s been a while, but I’m glad you stuck with it.

    I know you said it was complicated, but if you sold for $325, rehab and house cost $184.5 how did you profit $165? Not accounting for closing costs, carrying costs and such, it would seem you profited $140.5 unless there is some math I am missing here? Not trying to be a downer, I just like to see people including all expenses and such when talking numbers. Either way, great job. Congratulations

    Dan

     Yeah complicated and very sensitive stuff. I can explain in pvt

  • Investor · Middle River, MD · Member since 2017 · 191 posts · 127 votes
    8y

    It was fun for me to run the numbers and see what the lender's return ended up being. It was way more (percentage-wise) than for a hard money lender, despite an entire year going by. Either way, congrats, great project. Love the pictures.

  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
    8y

    Thoughts:

    1. Man, that was hard to read.

    2. I come up with $140.5k /2 = about $70k each. 

    3. Congratulations on making money! That is what you are aiming for at the end of the day.

    4. You can ask questions and take advice but you should always be your own best counsel.

    5. I know the guy who said the 70/30 split. He was a knucklehead anyway. Though you were fortunate to find an even partner. 

    6. It goes to prove that a good deal can always find financing.

    7. Smart ideas on the floor plan. Just a couple of little changes that had a nice effect.

    8. Who is standing in some of the pictures?

    9. You should always be looking for advice and guidance from other people that challenge your position. Standing in an echo chamber is a good way to lose your *** in real estate. The best informed is the most informed. That doesn't mean you have to act on the information. 

    10. When's the next deal?

    Skyline Properties
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  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    8y
    Originally posted by @JD Martin:

    Thoughts:

    1. Man, that was hard to read.

    2. I come up with $140.5k /2 = about $70k each. 

    3. Congratulations on making money! That is what you are aiming for at the end of the day.

    4. You can ask questions and take advice but you should always be your own best counsel.

    5. I know the guy who said the 70/30 split. He was a knucklehead anyway. Though you were fortunate to find an even partner. 

    6. It goes to prove that a good deal can always find financing.

    7. Smart ideas on the floor plan. Just a couple of little changes that had a nice effect.

    8. Who is standing in some of the pictures?

    9. You should always be looking for advice and guidance from other people that challenge your position. Standing in an echo chamber is a good way to lose your *** in real estate. The best informed is the most informed. That doesn't mean you have to act on the information. 

    10. When's the next deal?

     1. Damn foreigners!

    2. I know. But you have to trust me on that.

    3. Thank you thank you

    4. That is hard to do as a newbie in this unforgiving scare REI world. But yes. You always should.

    5. Damn knuckleheads! We have one for P

    6. This was not really financing though. Mr. Gold just put up all the money and I managed the project.

    7. Thank you. I am very proud of those changes. It made ALL the difference.

    8. That is Dixie. My bubblebutt partner! I could either put my monkey face on my company front, or I could put her butt.. I mean her face. I want to attract people.. not scare them away.. hence... Dixie it is.

    9.Word !

    10. Working on it. Got 4 new leads today. Honestly they are coming in way faster I can analyze them.. I need help!

  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    8y
    Originally posted by @Shawn Clark:

    It was fun for me to run the numbers and see what the lender's return ended up being. It was way more (percentage-wise) than for a hard money lender, despite an entire year going by. Either way, congrats, great project. Love the pictures.

     Thank you my good feller!

  • Stephen KeigheryBusiness Member
    Rental Property Investor · New Orleans, LA · Member since 2018 · 716 posts · 555 votes
    6y

    Great to see this story of where you started. It looks like you have done a lot more flips after this and your online presence is impressive. 

    Home Buyer Louisiana4.855 Reviews
  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    6y
    Originally posted by @Stephen Keighery:

    Great to see this story of where you started. It looks like you have done a lot more flips after this and your online presence is impressive. 

     Dude...

    looking back.

    DAMN!!

    That was the time I had no money of my own. It was rough...

    Dealing with OPM, sucks. I know people all over vouch for it, but it is just not my thing.

    BTW the reason the numbers do not "add up" was because we got some money back from a shady contractor that frogged us up. I didn't feel comfortable talking about it then, but now.. mehh..

    But yeah...

    I hated those times man. Investing was a LOT harder then without experience, without money.

    But look at me now...

    :D

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