First rehab on the market! Thanks!
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:
Nice job, James, congratulations!
Thanks David. This is an old thread but comes at a good time, since our second rehab hit the market last week.
Awesome job with the deal and rehab. Stories like this are spectacular for keeping me motivated. So thank you for that.
Love the pictures, very nice choices! Tons of appeal to many people!
Thanks again! New pictures for our third rehab should be up sometime this week...I had to put some temp pictures up and they were taken with a cell phone. We have another property under contract now and are in the research phase for another. We also will start looking for a first rental property in the next couple months.
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!
hats off, james! appreciate you taking the time to share your success here with everyone...its quite encouraging for myself as mostly a newbie still!
here's to many more successes!
sage
laurel fork, va
Yes, congratulations. Looks like great work. Thanks for sharing.
We took some new pictures of the Nicholasville Rd property due to bad quality of the last batch (they were taken with an iphone). They will be up on the website soon but I wanted to share them here as well.
Edit: I tried to show the pictures directly from Facebook but that did not work. Here is the link to the K&V Facebook page where they are posted.
I finally got around to posting some new pictures of the Nicholasville Rd house for those of you who are interested (link to our website is in my sig). I also updated some text on the website and will be pushing out a big update in the coming weeks (we are hoping to enhance the look a little bit).
We will be closing on the purchase of another property in a few weeks too, and as soon as that happens I will post the before pictures and some information about the property.
I didn't want to start a new thread to show pictures of our latest rehab so I brought this one back to life. I have been holding off a little bit because I was going to wait for some additional updates to our website (our website guy is in a course for a couple weeks that is keeping him very busy. However, several pictures of the property are on the portfolio section of my website (in my signature) and even more can be found on our Facebook page (there is a link on our website). The house has had one offer already (we are have been negotiating for a week and are slowly getting close).
Also, I would like to throw out another thanks to all the great posters here on BP...you guys have been critical to my success so far.
Congrats James!
This one looks to be listed at about double your previous properties...are you consciously moving up in price range, or was this just a good opportunity that came your way?
J Scott, this was simply taking advantage of an opportunity. This particular house is in one of the most desirable neighborhoods and we purchased it as a short sale for a great price.
Well done James, a true success story of BP Nation! Looking forward to meeting you in person and you better be wearing that blue polo short so I can recognize you in the airport!
Thanks for the compliment Will Barnard. I will defintley be sporting the blue polo!
Hey James,
Congrats man on your success. Maybe I missed it but the 3 that sold what kind of return and numbers did you make on those??
Do you track numbers similar to J Scott on his blog?? I know you have a business partner so the profit is cut in half.
Maybe I am not awake yet and missed here you put your returns for each project.
Originally posted by Joel Owens:
Hey James,Congrats man on your success. Maybe I missed it but the 3 that sold what kind of return and numbers did you make on those??
Do you track numbers similar to J Scott on his blog?? I know you have a business partner so the profit is cut in half.
Maybe I am not awake yet and missed here you put your returns for each project.
Joel Owens,
Nope you did not miss it...I have yet to post all the numbers. I can tell you that the average is around $22K on the first 3 (the townhouse brought the average down a bit as we only cleared $13K). I do have a business partner so profit is cut in half, but at this point most of the profits are carrying over as we leave approx 75% of profits in the business. The property on the market will blow our past projects out of the water...hopefully I will have some news on that soon. I do plan on getting into more detail about each project; I have just not done so at this point.
pictures of "after" are very good. just one recommendation: try to keep them the same size because it's a little distracting when it resizes to multiple dimensions every single picture.
but that's minor stuff. very good otherwise. very good website. like the clean look.
Originally posted by George P.:
pictures of "after" are very good. just one recommendation: try to keep them the same size because it's a little distracting when it resizes to multiple dimensions every single picture.but that's minor stuff. very good otherwise. very good website. like the clean look.
Thanks for the recommendation and compliments. We actually have a site "overhaul" coming up where we will be updating some things (the picture size issue was one of them) as well as adding a few new sections/features...just have to wait until my site admin has some time.
Wow, those are some shiny floors! House looks great. I'm sure you'll do well as soon as you get some people in the door.
I love dramatic before and after pictures, but I'm curious whether your buyers see your website first or mainly just investors. I'm always worried that before pictures could scare people off.
Originally posted by Chris Calabrese:
Wow, those are some shiny floors! House looks great. I'm sure you'll do well as soon as you get some people in the door.I love dramatic before and after pictures, but I'm curious whether your buyers see your website first or mainly just investors. I'm always worried that before pictures could scare people off.
Chris Calabrese,
I am only aware of one buyer seeing the pictures (that is how she found the property) and that was the house on Nicholasville. She was very pleased with the rehab and felt very good about the quality of work. That is always a possibility, but I think the benefits outweigh the potential of losing buyers.
Hi James,
Just wanted to thank you for this thread. I'm new to BP and have been doing as much reading as possible. Was awesome to read the progression of your success. We just sold our first flip last month and are on the hunt for #2.. Can't tell you how much motivation seeing someone else succeed gives me. Thanks and continued success.
Drew D.
Philadelphia & Burbs
Thanks a lot Drew Dickinson; it really means a lot when someone is getting something from what I am doing. It looks like you are well on the way with one completed, plus you have the added benefit of being a carpenter. That was good timing as well, as last night we put our most recent rehab under contract to sell. The down and dirty numbers:
- All in at $210K (purchase price, closing costs, holding costs, rehab, commission, etc)
- Sale Price - $280K
I do plan on breaking the numbers down further…I just haven’t got around to doing it yet. Again, congrats on finishing your first flip and good luck!