My First Flip! With Numbers and Photos!

My First Flip! With Numbers and Photos!

Pensacola, FL · Member since 2017 · 163 posts · 312 votes

I realize I do not have a ton of posts here on Bigger Pockets, but I can’t emphasize enough the impact BP has had on me in a short time.  In the interest of community and sharing success stories with others that might be looking for some motivation, I wanted to detail my start in RE.  I’ll try not to be too lengthy, but I think people can identify with these stories a little better when there is some personal context.

My name is Ben Ervin and I am a Program Analyst for the Naval Education and Training Command in Pensacola, FL.  I enjoy knowing what I do is impactful and supports the Sailors that serve our country.  But, I have always had an attraction to the idea of entrepreneurship.  I’ve known since I was 13 years old that I wanted to be my own boss one day.  Yesterday marked a big step towards that goal when my wife and I listed our first flip property on the market.

In October of 2017 I decided to stop thinking about flipping houses and start educating myself on how to get in the game.  I found that a friend of mine, @Nick Armstrong, was flipping houses and got a chance to talk shop with him a bit and he directed me here to BP.  From that point, it took me 4 months to close on our first deal.  It hasn’t sold yet, but we are in a hot market right now where I believe data supports a high demand for the product we are offering.  Beyond all of that, the really invaluable part of this experience has been education.  I have learned A TON.  We certainly made mistakes along the way, but I can take those lessons learned and leverage them going forward.  I intend to use this first deal as a launching pad to doing more deals, including additional flips in the near term with the goal of building a rental portfolio for long term passive income.

Now I will stop rambling and show you what we’ve done.  The house has not sold yet, but assuming full price offer, here is the breakdown by the numbers along with (everyone’s favorite part) photos.

Projected Numbers:

Acquisition Costs (AC): $70,635.50

- Purchase Price: $70,000

- Closing Costs: $510

- Termite Letter: $125

Rehab Costs (RC): $41,185

- Materials: $21,780

- Labor: $19,405

Holding Costs (HC): $870

- Utilities: $450

- Insurance: $420

Selling Costs (HC) *Assuming Sales Price (SP) of $175k*: $10,500

- Commissions to Agents: $10,500

Projected Profit: $51,810 – Taxes & Any Additional Selling Costs

- $175,000(SP) - $10,500(SC) - $870(HC) - $41,185(RC) - $70,635(AC) = $51,810

Now on to the photos...

Exterior Before:

Exterior After:

Interior Before:

Interior After:

I still have a ton to learn, but I look forward to trying to answer any questions you might have. Furthermore, if anyone here in my local market wants to just say hello, I invite you to do so. I hope to be more involved in the BP and larger REI community as a whole going forward.

Thanks for listening/checking out my progress so far and good luck to all!

126Reply
2,533 views

Most Popular Reply

James MasottiPro Member
Rental Property Investor · Washington Township, NJ · Member since 2015 · 1k+ posts · 976 votes
8y

@Benjamin Ervin - Can you share the scope of work? Looks like you got a lot of work done for $41k...either that or my construction cost are really just that much more expensive up here in the Northeast

See this reply in the discussion

370 Replies

Jump to latestLatest
  • Involved In Real Estate · Frisco, TX · Member since 2015 · 6 posts · 2 votes
    8y

    Looks great! Love the materials and finishes. Congrats!

  • East Orange, NJ · Member since 2018 · 7 posts · 0 votes
    8y
    Amazing work!!!i actually just got through with a three day real estate training. Looking at your first deal and my training motivates me a lot. How did you find your deal? I really need more help I am tired of work for other people and making them rich!!!
  • Member since 2018 · 1 post · 1 vote
    8y

    Great Job! So awesome and 25 years old is even more impressive. Absolutely continue to press towards being your own Boss! The cash buy of 70K, was from your combined savings with your wife? 

    Please keep us informed on the sell and thank you so much for sharing! 

  • Rental Property Investor · Decatur, GA · Member since 2018 · 42 posts · 31 votes
    8y

    Congratulations Ben-the house looks amazing! Looks like you have a great 1st flip with many more to follow.

  • Member since 2018 · 2 posts · 1 vote
    8y

    Wow that looks amazing!

  • Real Estate Broker · Orlando, FL · Member since 2013 · 57 posts · 15 votes
    8y

    What did the TnG ceilings run you?

  • Real Estate Agent · Orlando, FL · Member since 2016 · 36 posts · 23 votes
    8y

    Awesome Job! I especially love the barn doors...I want to try that in my personal home because they are expensive. I'm currently rehabbing my first rental so I'll be posting when we're done! Congratulations...well done!

  • Developer · Durham, NC · Member since 2018 · 64 posts · 47 votes
    8y
    Looks awesome! Great job! Eric
  • Perkasie, PA · Member since 2018 · 11 posts · 7 votes
    8y

    Great job with this project!  Congratulations on getting started and taking that first big step! 

  • Realtor · Dallas | Forth Worth | DFW · Member since 2018 · 1 post · 0 votes
    8y

    I love this. Keep it up.

  • Rental Property Investor · Washington, DC · Member since 2017 · 36 posts · 8 votes
    8y

    The house looks amazing @Benjamin Ervin Congrats!!!!!!

  • Real Estate Consultant · Chattanooga, TN · Member since 2018 · 384 posts · 330 votes
    8y

    The house looks fantastic, and the numbers are amazing! I know the work you and your wife must've put in to keep the costs down.  Doing manual labor in a house in Florida without AC?! That's commitment! 

  • Pensacola, FL · Member since 2017 · 163 posts · 312 votes
    8y
    Originally posted by @Jared Maltbie:

    What did the TnG ceilings run you?

     The planks are actually not T&G. They are a plank similar to hardy. We didn’t use spacers either. We wanted the gapping to look like a natural wood plank. More work and I begged my wife to go T&G from a labor standpoint but it turned out nice in the end and gave the look she wanted. Overall for all the wood plank ceilings in the living/bath and the bedroom trim board ceilings, we spent 1500 in materials. So close to $1 per square foot and it was an awesome way to get away from the popcorn ceilings. 

  • Pensacola, FL · Member since 2017 · 163 posts · 312 votes
    8y
    Originally posted by @Adrienne Green:

    The house looks fantastic, and the numbers are amazing! I know the work you and your wife must've put in to keep the costs down.  Doing manual labor in a house in Florida without AC?! That's commitment! 

     Thanks, Adrienne! Yes approaching triple digit temperatures and triple digit humidity is brutal! We are happy to have the ac running now! 

  • Real Estate Broker · Orlando, FL · Member since 2013 · 57 posts · 15 votes
    8y

    @Benjamin Ervin looks good. Let me know if you ever want to venture down to Orlando area for a project! You guys have a new project in the works?

  • Happy Valley, OR · Member since 2018 · 51 posts · 12 votes
    8y

    @Benjamin Ervin Great job, thank you for sharing and providing inspiration. I am still looking to do my first deal so it's encouraging and helpful to see the numbers and the photos.

    Cheers-

    Jarid

  • Clinton, MD · Member since 2018 · 25 posts · 17 votes
    8y

    Congrats you guys. Well done. Love the rehab and yes thats a lot of work for that little money. But we do look forward to seeing more from you guys.

  • Real Estate Agent · Syracuse, NY · Member since 2018 · 13 posts · 6 votes
    8y

    Well done! How big is this house?

  • Rental Property Investor · Pasadena, MD · Member since 2017 · 38 posts · 5 votes
    8y

    The house and numbers look amazing. Great job @Benjamin Ervin. 

  • Mc Gregor, TX · Member since 2018 · 41 posts · 35 votes
    8y

    It looks great!  Thanks for sharing!

  • Gardena, CA · Member since 2018 · 7 posts · 1 vote
    8y

    Beautiful !! You did a wonderful job as a beginner... Keep up the great work !

    YLS

  • David RobertsonBusiness Member
    Flipper/Rehabber · Kansas City, MO · Member since 2010 · 757 posts · 778 votes
    8y

    Great project, & great numbers!  Congrats!

    FlipperForce
  • Lexington, SC · Member since 2018 · 20 posts · 10 votes
    8y
    THANKS BEN!!!

    Originally posted by @Benjamin Ervin:
    Originally posted by @David Waldy:

    Congrats Benjamin! Very impressive for your first flip. I’m jealous of the fact that you’re in a position to pay cash. Definitely something for me to aspire to!

     Thanks, David! You will get there.  I come from a family who knows nothing about real estate and I didn't use my own money.  My wife and I have gotten off the ground through hustle and self-education.  Continue to let everyone know what you want to do and sell yourself to them.  Stay persistent and prove you know what you're talking about.  If you actually know your stuff, someone will bet on you. Good luck!

  • Pensacola, FL · Member since 2017 · 163 posts · 312 votes
    8y
    Originally posted by @Jared Maltbie:

    @Benjamin Ervin looks good. Let me know if you ever want to venture down to Orlando area for a project! You guys have a new project in the works?

     Hey Jared, I don’t know the Orlando market well. But l could see us making our way into the Jacksonville area and further south with our investing over time. 

    We are feverishly looking for more deals and funding now. I don’t have anything else under contract yet, but I am looking at two deals tomorrow and trying to establish more deal flow. I know if I can do that then the funding will come.

  • Pensacola, FL · Member since 2017 · 163 posts · 312 votes
    8y
    Originally posted by @Bendu Payne:

    Amazing work!!!i actually just got through with a three day real estate training. Looking at your first deal and my training motivates me a lot. How did you find your deal? I really need more help I am tired of work for other people and making them rich!!!

     Hey, Bendu. My advice is to act now. Learning is terrific and you’ve started that part. But what I’ve come to understand is there is know better education in the industry than by experience. Assuming your personal finance position is okay, or your risk tolerance isn’t high, then my suggestion is to act now! 

    We found the deal off mls 

Join the conversationCreate a free account to reply, vote on answers and follow this thread.