First live in flip almost completed!

Jacksonville, FL · Member since 2016 · 15 posts · 14 votes

In May of 2016 my wife and I decided to quit throwing away money on renting and attempt our first live-in flip. We bought our house for $214k in Henderson NV and have since put around $10k and a lot of hard work into it. We are quickly approaching May 2018, which is when we will put it on the market. We are hoping to get around $275k for it. So, if all goes well we will have about $35k in profit. Combine that with the $10k we will have payed off over the 2 years on the balance, and the $10k back that we put into it and we should have around $55k to use towards our next venture. Nothing to crazy, but sure beats the $30k we would of just thrown away the last 2 years renting!

Below are a few before and after pictures of the progress. I will update the post once we list the house for sale.

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Ellis HammondPro Member

Investor · Leawood, KS · Member since 2017 · 178 posts · 108 votes

hey @Luke Marlar great job! My wife and I are going through same process currently. Interested in why you are planning to sell instead of a possible refinance where you can pull some of your cash out and then rent the place and have someone pay down mortgage?

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Brian Garrett
Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes
8y
The rehab looks great good luck with the sale!
1 Reply
Dennys Passeto
Investor · Gaithersburg, MD · Member since 2015 · 24 posts · 7 votes
8y
Nice job on the rehab! Sounds like you saved a bunch of money, learned a lot and will still make some money in the end. All around win.
1 Reply
Susan Maneck
Investor · Jackson, MS · Member since 2014 · 1k+ posts · 769 votes
8y
It's gorgeous. Congratulations!
1 Reply
Tim B.
Flipper/Rehabber · Pensacola, FL · Member since 2017 · 33 posts · 24 votes
8y
Great first post!
Good luck with finding the next one!
1 Reply
Max T.
Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
8y
Nice work and looks great. Don't forget to subtract selling costs, transfer tax, and interest payments to arrive at your "true" profit.
3 Reply
Janice V.
Rental Property Investor · Maui, HI · Member since 2017 · 56 posts · 32 votes
8y
Rehab looks really good!
1 Reply
Timothy Maldonado
Real Estate Agent · Ventnor City, NJ · Member since 2017 · 54 posts · 37 votes
8y
That's Awesome! Hope you get what you ask for. What's the next step after you guys sell the house?
1 Reply
Ellis HammondPro Member
Investor · Leawood, KS · Member since 2017 · 178 posts · 108 votes
8y
hey @Luke Marlar great job! My wife and I are going through same process currently. Interested in why you are planning to sell instead of a possible refinance where you can pull some of your cash out and then rent the place and have someone pay down mortgage?
4 Reply
Nicholas Hughley
Investor · Houston, TX · Member since 2015 · 14 posts · 4 votes
8y
Congrats! Sounds very exciting. Please keep us posted on how the sale goes!
1 Reply
Todd Hanks
Crowley, LA · Member since 2013 · 2 posts · 1 vote
8y
Looks great! Keep up the good work. It will pay off in the end.
1 Reply
Dan ShelhamerPro Member
Realtor · Mesa, AZ · Member since 2015 · 163 posts · 99 votes
8y
@Luke Marlar looks great! I am assuming you did the work yourself since it looks like a big improvement for only $10K?
1 Reply
Rosely Tirado
Amsterdam, NY · Member since 2017 · 11 posts · 3 votes
8y
Great job! May God bless on your next one.
1 Reply
Frankie Woods
Investor · Arlington, VA · Member since 2012 · 1k+ posts · 491 votes
8y
Wow! Great job! Here's to many more!
1 Reply
Deb Somdahl
Investor · Gold Canyon, AZ · Member since 2016 · 14 posts · 5 votes
8y
Looks awesome. Your sweat equity is really paying off! Congratulations!
1 Reply
Account Closed
Investor · Plymouth, MA · Member since 2017 · 19 posts · 3 votes
8y
Great job and well done. Just shows with some hard work and imagination what can be accomplished
1 Reply
Luke Marlar
OP
Jacksonville, FL · Member since 2016 · 15 posts · 14 votes
8y
@Timothy Maldonado We are actually searching for a house hacking project next. Been looking at du-plexes, tri-plexes, fourplexes, de-tached houses, casitas, basically anything we can hack. It is tough finding these units in Las Vegas but I have a good friend that is a realtor and he's keeping a close eye on it for me. Hopefully we can find something soon!
2 Reply
Luke Marlar
OP
Jacksonville, FL · Member since 2016 · 15 posts · 14 votes
8y
@Ellis Hammond Hey Ellis, great question, and I put a lot of thought into this scenario. At the end of the day this property just didn't cash flow well enough with the current rent comps in our area. I would of preferred to rent it out and begin Landlording, but I would of been breaking even at best.
Lucky for us, this house was strictly in my wives name because 2 years ago I was a 1099 employee, so she had more solid proof of income. Fast forward two years later to today, and our next house (Hopefully a house hack) will be strictly in my name. The way we have worked it out is that once we sell this current house, my wife will be eligible for another loan. So we are essentially on the market for 2 houses now. One to House Hack in my name, and another strictly as an rental property in her name.
Good news is realtor told us today that he projects we can get $295k for our current house. After losing around 8.5% to realtors, tax, and interest we should walk away with close to $70k. That should work as a down payment for our next 2 places.
0 Reply
Luke Marlar
OP
Jacksonville, FL · Member since 2016 · 15 posts · 14 votes
8y
@Dan Shelhamer yep, we did most of the work ourselves. My wives dad is an electrician and he helped with a lot of that stuff. We had someone help with the demo and the cabinets. There was no plumbing work required (thank god). We did the paint, flooring, and baseboards ourselves. Took us several months to get it to where we liked it. Obviously spent more than $10k if you include furniture and new appliances but thats all stuff we will take with us to our next house.
0 Reply
Marco G Polo
Tucson, AZ · Member since 2017 · 10 posts · 4 votes
8y
Congrats! Home looks wonderful. Hope you guys get what you ask for!
1 Reply
Christi HawkinsPro Member
Columbus, OH · Member since 2017 · 237 posts · 142 votes
8y
It's fantastic!!! Good Luck with the sale, you did a great job
1 Reply
Linda Wright
Real Estate Professional · Fort Collins, CO · Member since 2015 · 5 posts · 4 votes
8y
Beautiful job! What a rewarding experience, I'm sure in more ways than one!
1 Reply
William E Edwards
Zebulon, NC · Member since 2018 · 3 posts · 1 vote
8y
Wow, The kitchen looks like it cost $10,000 alone... Refinancing might bring you the same amount of cash out... and you will still own the property...
1 Reply
Rudy Estrada
Investor · Los Angeles · Member since 2017 · 22 posts · 12 votes
8y
Nice! On to the next one.
1 Reply
Luke Marlar
OP
Jacksonville, FL · Member since 2016 · 15 posts · 14 votes
8y
@William E Edwards problem is we used FHA for this house and even qualified for a grant that payed our closing costs. We are paying PMI as well so we haven't really payed down much of the actual loan balance.
0 Reply
Aku Thomas
Cerritos, CA · Member since 2017 · 39 posts · 5 votes
8y
OMG Good Job
1 Reply

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