Completed my first Flip in Canton ga.

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Completed my first Flip in Canton ga.

Investor · Marietta, GA · Member since 2014 · 96 posts · 81 votes

I just finished my first flip. The house was purchased off the MLS as a banked owned. Asking price was 119k and I offered 125k cash two weeks closing. They accepted the offer.

Repairs. I am purchased a house flipping spreadsheet to estimate my repair cost, holding expenses and selling fees. I also used this spreadsheet to track my expenses. www.houseflippingspreadsheet.com

I estimated around 24k in repairs plus 20k in real estate selling cost. I replaced all the floors, new kitchen, baths, paint interior and exterior, new doors and trim. I had a contractor paint the exterior. 125k + 24k + 20K = 169k invested.

I am finished with the house and spent 26k in repair cost so I went 2k over budget. The house is listed at 225k with multiply showing every day.

I would like to here your feedback and let me know if you have any questions.

https://www.zillow.com/homedetails/115-Brookwood-D...

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Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes

Congrats the numbers are solid get that thing sold and repeat the process!

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Duke Perry
Suwanee, GA · Member since 2018 · 8 posts · 1 vote
8y
We are hoping to get our LLC this week and find a property to flip in the next month Daniel in Gwinnett County. Very excited and hope to have a hard money investor figured out this week on who has the best offer.
Thanks,
Duke
0 Reply
Tom W.
MI · Member since 2015 · 24 posts · 7 votes
8y
Congrats! Looks great.
What type of floors are those? I see you have them throughout the whole property. Is that typical in your area? I'm in the Detroit area and that might not work here. Also, great numbers. Area those numbers typical on a flip there?
All the best!
0 Reply
Robin Reed
Vendor · Member since 2015 · 1 post · 1 vote
8y
Wowwww... Chin dropping flip.
1 Reply
Jessica Wygal
Real Estate Agent · Cypress, TX · Member since 2018 · 156 posts · 73 votes
8y
BEAUTIFUL job!!
0 Reply
Alex BekezaBusiness Member
Lender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
8y
@Daniel Andrews The work looks amazing! Congrats! What do the comps look like? and most importantly have you located your next flip?!
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Dat Vu
Realtor · Miami, FL · Member since 2016 · 2 posts · 1 vote
8y
Very nice turn around. Beautiful photos and work. Did you do all the work yourself? Where did you find your contractors?
0 Reply
Jamal Jenkins
Member since 2018 · 5 posts · 0 votes
8y
Nice @Daniel Andrews now you gotta get it sold the sooner the better. Keep us updated.
0 Reply
John S LewisPro Member
Jackson, NJ · Member since 2017 · 167 posts · 48 votes
8y
@Daniel Andrews how come you paid over asking? Is the market that hot down there?
0 Reply
Norman Williams
Desoto, TX · Member since 2018 · 1 post · 0 votes
8y
Congrats looks great...Good luck on the sale..
0 Reply
Luis Rivera
New York, NY · Member since 2018 · 52 posts · 0 votes
8y
Hey David seems like you did a great job. Should be able to sell fast bc of a job well done. Good luck and thanks for the spreadsheet info
0 Reply
Amy C.
Philadelphia, PA · Member since 2012 · 104 posts · 8 votes
8y
It looks lovely! I would be very tempted by it! Kudos for taking the leap.
0 Reply
Scott W.
Real Estate Investor · chicago, IL · Member since 2012 · 1k+ posts · 231 votes
8y
5 month rehab for cosmetic? seems a bit long. but the real shocker is 26k to do all of that. again, cosmetic but still. must have not pulled permits. as you know, it's not a completed flip til it closes and you get the check. :) $50k sounds awfully high of a profit. you'd think there would be more higher offers when you bought with that much spread. keep us updated or share the link to the listing. looks nice! remember, showings are just the start. you need offers then hope they don't back out (most don't but some do) then pass home inspection then appraise then close. lot of hoops to jump thru still.
1 Reply
Monica Diaz
Investor · Fort Lauderdale · Member since 2016 · 38 posts · 4 votes
8y
Wonderful job! Really, I should know, as I've seen some rehabs that were so cheaply and unattractively done that I didn't pursue in purchasing when I was searching in Orlando to buy and rent.
Very proud of you and continued success!
0 Reply
Eric Weidner
Lender · Denver, CO · Member since 2018 · 12 posts · 4 votes
8y
Well done sir! Keep us posted. Looks great.
@Daniel Andrews
0 Reply
Daniel Dingess
Tacoma, WA · Member since 2016 · 8 posts · 1 vote
8y
Very nice job on this one. The house looks great and the numbers even better. Keep up the great work.
0 Reply
Matthew Irish-JonesBusiness Member
Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
8y
Great looking property, good luck!
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Matthew NicklinBusiness Member
Real Estate Agent · Woodstock, GA · Member since 2018 · 254 posts · 255 votes
8y
Looks great! Congrats on your first flip. I live over in Woodstock and do a lot of deals around Cobb and Cherokee county. Would be open to talking to you sometime about some deals. Keep up the great work!
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Eric Paul
Atlanta, GA · Member since 2017 · 22 posts · 10 votes
8y
Awesome flip!!! Canton is hot right now!!! Is it near the new hospital? I'm in Holly Springs and love the area.
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Eddie White
Wholesaler · Knoxville Tennessee · Member since 2017 · 3 posts · 0 votes
8y
House looks great. Staging might bring a sooner offer at higher price.
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Account Closed
Rental Property Investor · San Diego, CA · Member since 2017 · 25 posts · 6 votes
8y
great job brother, that looks gorgeous!
1 Reply
Thomas Carroll
Member since 2017 · 1 post · 0 votes
8y
Good Job! Daniel congrats on your flip Beautiful Home..
0 Reply
Cy Saelens
Rental Property Investor · Los Angeles, CA · Member since 2018 · 8 posts · 19 votes
8y
The only extra thing I would do is stage the home. Probably different in GA but here in CA, money invested in staging is always worth it and helps sell homes faster and for more.
Everything else is perfect and your remodeling looks great. Did you change the floorplan (add an extra bedroom for instance)? Because going from $125k to $225k (+80%) in house value is a tremendous forced appreciation (unless you bought it way underpriced). Does the recent sales in the area support your selling price?
1 Reply
Charisse Daving
Chatsworth, CA · Member since 2018 · 24 posts · 9 votes
8y
Hi Justin , the house is awesome and well done. My husband andI have 2 rental properties in Georgia, we are living in California. We would love to do a flip one day but I feel it is an additional risk if you aren't living close by the house that you are flipping. Right now we have a good contractor that is pretty reliable out in the Woodstock area. Would you recommend getting involved in doing a flip if we do not live in the state? I would love to hear your feedback.
Thanks,
Charisse
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Daniel Andrews
OP
Investor · Marietta, GA · Member since 2014 · 96 posts · 81 votes
8y
Thanks @Walter Key I will contract out the stuff that took me way to long. haha. Like repairing drywall. I just got an offer today for 215k
2 Reply
Constance Chambers
Rental Property Investor · Athens, GA · Member since 2016 · 49 posts · 13 votes
8y
thanks for revealing your rehab numbers, we live in Athens... just made offers today on 2 homes ( 1 off market & 1 MLS duplex) how did you find contractors? that seems to be a big issue in Athens, everyone is backed up... is that what held up your rehab times?
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