First rehab on the market! Thanks!

First rehab on the market! Thanks!

Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes

All,

I want to thank the many of the posters (you know who you are) who have helped me out over the last year or so. I went from knowing very little to starting a business, finishing my real estate license coursework, developing a business plan, purchasing my first property, rehabbing the property and now the house is on the market. I have learned a ton from BiggerPockets, so thanks to Josh and the experienced and willing to help posters.

As for the rehab, we budgeted $25K and the final number is right around $23,500, so I am thrilled with that. It took about a week and a half longer than I had planned, but I am not too upset about that, as I was able to get a few "extras" in. Once the property sells (hopefully soon) I will post the details of the deal. I learned a lot of lessons and kept a detailed record of things I can do better on the next one, so that is exciting for the future. I have 3 offers in for my next property, so with any luck I will have something under contract soon.

You can check out my website to see several pictures of the inside transformation (just click the portfolio tab). I will be posting pictures of the completed outside shortly (I was waiting for the new wood on the porch to be painted).

Thanks again for all your help, guidance, and education...what a bunch of gurus you all are! :mrgreen:

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Will BarnardPro Member
Moderator
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
15y

Wow, look at James go. Came to BP Nation a rookie and now is is completing his 3rd flip this year already! Keep up the good work James!

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  • J ScottPro Member
    Moderator
    Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
    15y

    Congrats James!

    And good luck with the sale...sounds like you're doing everything right, so hopefully that will go just as smoothly...

    Keep us updated!

  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y

    Congrats and good luck with the sale. The only thing left to prove to yourself now is that you properly identified the exit price. If you get a contract soon, you know you did!

    Keep us posted on any developments or if you get offers you would like opinions on.

    - Will Barnard

  • Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
    15y

    Great job James.

    It sounds like your planning and education have paid off. I suspect that you will sell at or near your asking price as well. It seems that you have taken the time to learn your market.

    Look forward to updates.

  • Sharad M.Pro Member
    Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
    15y

    Congrats, James! Hopefully, you will get this one sold soon. The pictures look great.

  • Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
    15y

    james..congrats...the house looks great..i especially love the moldings and columns..best of luck on a quick and painless sale!!

  • Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
    15y

    Thanks guys. I also forgot to mention that we had an open house on Sunday and have 2 very interested potential buyers.

  • Sandy Springs, GA · Member since 2011 · 126 posts · 31 votes
    15y

    Beautiful work. The kitchen is really nice.

  • Note Investor · Pasadena, CA · Member since 2009 · 849 posts · 544 votes
    15y

    Nice job.

    It still blows my mind that I can't find anything for $162,000 in LA County. This is an $800,000 house in a nice part of Pasadena.

  • Real Estate Investor · Milwaukee, WI · Member since 2008 · 1k+ posts · 671 votes
    15y

    Looks good. Hope to see your final numbers soon!

  • Residential Real Estate Broker · Grand Blanc, MI · Member since 2008 · 885 posts · 316 votes
    15y

    Good work! After your successful with the first one, you'll be thirsty for more!

  • Involved In Real Estate · Hyattsville , MD · Member since 2011 · 298 posts · 256 votes
    15y

    Congrats, Beautiful Pictures. I'm sure you will be on to the next one in no time flat. Great Job staying on budget

  • near Philadelphia, PA · Member since 2011 · 78 posts · 33 votes
    15y

    Wow. Nice kitchen, beautiful cabinetry, nice flooring, love the touch of the kitchen lighting.

    Convenient office area on the left.

    Just a great job.

    When did you 1st get started?

  • Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
    15y
    Originally posted by MsJerseyDevil:
    Wow. Nice kitchen, beautiful cabinetry, nice flooring, love the touch of the kitchen lighting.

    Convenient office area on the left.

    Just a great job.

    When did you 1st get started?

    Thanks for the nice comments, we started the rehab in the beginning of Jan, so it took about 2.5 months.

  • Real Estate Investor · Salt Lake City, UT · Member since 2010 · 47 posts · 6 votes
    15y

    Congrats James.
    So, what's the update withthose 2 potential buyers?

  • Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
    15y
    Originally posted by Alice Green:
    Congrats James.
    So, what's the update withthose 2 potential buyers?

    It looks like the 2 potential buyers has become 1. One got back with us and would not be able to secure enough funding to purchase, however, the other is working with a loan broker now to see where it will go. We will put it on the MLS next week if nothing transpires.

  • Real Estate Investor · Salt Lake City, UT · Member since 2010 · 47 posts · 6 votes
    15y

    Yes putting it on the listing services is a good idea. You can post it here ion BP also?

  • Joshua D.Pro Member
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    15y

    Congrats James! I'm glad we could play a role in your success . . . keep it up, and get those BiggerPockets!

  • Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
    15y

    james, let me know if the one buyer for your open house works out...i've never had a qualified buyer come thru those things..they always say they want to buy it, and after meeting with my banker, he'll call me and say it's a no go....hopefully your experience is different, but i definitely encourage you to put it on the MLS..if nothing else, just pay the flat fee which is just a few hundred bucks...you're missing out on potential buyers today already! good luck

  • Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
    15y

    It seems to me that anyone that flips RE, will learn a great deal about the entire investment process. You may be making your first sale, but I suspect that it will be one of many sales. Each time you will learn better approaches to marketing and what works and doesn't work.

    Thanks for sharing the experience. It is nice to hear about RE transactions from many perspectives. I think it makes it easier for new investors to understand the whole process better.

  • Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
    15y

    Just a quick update. The one potential buyer could not get the financing they needed. The house just went on the MLS and has already generated a lot of interest and a couple offers. I am really hoping we can get it under contract in the next several weeks.

    Also, this weekend we put two REO properties under contract! I am very excited about the potential of these 2 and cannot wait to get started on them.

  • Investor · Southern CT, CT · Member since 2010 · 211 posts · 41 votes
    15y

    That's awesome James. Looks like you are gaining momentum! keep us updated and hopefully the next contract does close; it's tough getting financing as im sure you know; the buyer needs to have all their ducks in a row.

  • Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
    15y

    Hey everyone. I have been a little quiet on the forums lately because things got really busy at work and then I went on vacation. However, I come today with an update on my first rehab, we got it under contract today! The price is right where I wanted/expected it to be and the negotiations went as well as I could have asked. I will provide all the details after the closing, but the numbers are looking favor nice. In addition, this Friday we close on our second purchase, purchased for $78,900 with a pre-rehab appraisal of $100,000. I will provide more information and pictures after we close. Thanks again for all the help.

  • Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    15y

    Good to hear that things are still on the right track, James. We're looking forward to your next reports!

  • Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
    15y

    congrats james..what was the total DOM? good luck on a pain free closing!

  • Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
    15y
    Originally posted by BryanA:
    congrats james..what was the total DOM? good luck on a pain free closing!

    Bryan, it was on the MLS for 27 days....but we tried to sell it for approx 2 weeks before it went on.

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