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.
Investor · Marietta, GA · Member since 2014 · 96 posts · 81 votes
8y
@Tyler Gunn I saved up the cash to purchase the house. I funded the repairs with a 0 interest home depot cc. I paid some of the cost like utilities out of my monthly income.
Naperville, IL · Member since 2018 · 330 posts · 357 votes
8y
Well done. I checked out the actual listing, fantastic beautiful lot. You got a great house and did a wonderful reno. Good that you are so handy when all the contractors are booked solid. On to the next one!
@Tyler Gunn I saved up the cash to purchase the house. I funded the repairs with a 0 interest home depot cc. I paid some of the cost like utilities out of my monthly income.
Impressive that you paid for it cash! I like the idea of using the CC for repairs, rack up them reward points ;)
Investor · Marietta, GA · Member since 2014 · 96 posts · 81 votes
8y
@Steven Brandt I think it took to long. I will would balance the contract work and my work to help reduce the holding time. I was not fast at repairing drywall or interior paint. So next flip I will contract out he interior and exterior paint and maybe some demo.
Investor · Marietta, GA · Member since 2014 · 96 posts · 81 votes
8y
@Tom W. The floors are luxury vinyl planks. They are water proof and come with a 30 year warranty. Yes about the floors. I think the repair cost is low because I did most of the work .
Residential Real Estate Broker · College Station, TX · Member since 2013 · 1k+ posts · 969 votes
8y
@Daniel Andrews. If you've just been on market a short number of days, counter the $215K Offer & $5K Closing Costs paid by Seller, with $220K And agree to pay the $5K. Buyer probably needs the Closing Costs paid to make the deal work.
Investor · Marietta, GA · Member since 2014 · 96 posts · 81 votes
8y
@John S Lewis The house had 15 offers. The agent sent a best offer by x date. I had put in about 15 offers (before this house) on other homes and all sold for over asking price.