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.
thanks @Joel Owens The comps are close to asking price so I'm hoping the appraiser uses the comps that I looked at.
@Alvaro Leis I looked at comps myself and came up with a $ per sq that I was thinking it would sell for. I used the flip spread sheet to work my estimate of repairs before I purchased. I highly recommend using this software, it amazing.
Daniel, awesome work! Just out of curiosity what were some of your lessons learned as far as unexpected setbacks ultimately delaying you from listing the property for 5 months? What changes do you see yourself making the next time around?
Keep up the great work!
Thanks!
Justin Wall
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.
What type of flooring did you use? That looks like either true hardwood or engineered wood. Did you complete any of the work yourself and how long did the renovations take? You are looking at around 25% margin according to those numbers ... nice job.
@Justin Wall Thanks, Demo took about 3 weeks because the kitchen had three layers of flooring. Then I had to replace the plywood in the kitchen and baths. I was going to paint the exterior myself but I ran out of time so I paid a contractor to paint. On the next flip I will have someone paint the interior and exterior and hire help to demo. I'm also thinking about paying someone (like high/college kid) to help. I would pay him/her by the hour to do odd jobs like clean and landscaping.
@Kenny Lincoln The floors are luxury vinyl planks, engineered wood floors. I did all the work myself except from the exterior paint. Total reno took 5 months and total holding time will be around 6-7 months. I am hoping to cut that time in half next flip.
It's a Diamond in a rough indeed! Congrats to you mate! It's a beautiful house and hope you close on it very soon! Thanks for the spreed sheet it will help us for analyzing the repairs.
ah, now it makes sense trying to hit the 50k margin. if you did all of that work yourself, you prolly saved $20k in labor. how many hours of work would you say you put in?
@Kenny Lincoln The floors are luxury vinyl planks, engineered wood floors. I did all the work myself except from the exterior paint. Total reno took 5 months and total holding time will be around 6-7 months. I am hoping to cut that time in half next flip.