Investor · Grasonville, MD · Member since 2017 · 453 posts · 415 votes
My team and I sold our first flip today!
Started diving head first into real estate in the beginning of 2018 and haven't slowed down since. We found this deal from a DM Campaign. After a few campaigns with no results, one in May finally stuck. Biggerpockets has been an incredible source of information and this wouldn't have happened without the community.
Front view: (Packed the Prius full)
Rear: (Bay Grasses turned out great)
Kitchen:
Master Bath:
Roof:
Here's about 3300 letters that I proudly lick!
Numbers:
Purchase- $108,000
Rehab- $70,000
Holding- $3,200
Sold Price- $288,000
Profit about 27% off of sold price.
Thank you to all who helped me throughout the Journey, greatly appreciated. Now we are looking to put our 2nd and 3rd property under contract this month. Possibly even a fourth if I have any funds left! If you're in the Annapolis area, reach out anytime- I'm definitely looking to get some sort of master mind group together to bounce ideas off of!
Rental Property Investor · Fort Collins, CO · Member since 2008 · 168 posts · 105 votes
8y
@Ken Nyczaj Nice work! Those are really good numbers in this market. How many letters do you send out/month and what is your response rate and conversion rate?
Denver, CO · Member since 2016 · 16 posts · 6 votes
8y
Very nice! Did you just replace the kitchen cabinet doors and paint the rest of the cabinet? Was the bathroom vanity bought somewhere ('off the shelf' like Lowe's or similar), or built by your contractor? I ask because I have those same honey-oak cabinets that I want to change in my rental.
Investor · Grasonville, MD · Member since 2017 · 453 posts · 415 votes
8y
@Joe Arida thanks Joe. There are 3 main partners in the LLC with the majority stake. We have a fourth who is our lawyer who has a small stake in the company. I'm acquisitions, a GC, a Tax adviser/Soon to be Agent, and the lawyer. Took 3 months total.
Rental Property Investor · Orlando, FL · Member since 2018 · 301 posts · 354 votes
8y
@Ken Nyczaj turned out great! We have those same cabinets in our rental so it’s great to see an after view of painting them. It’s a nice touch that you built in the refrigerator. I’ll have to remember that.
Buffalo, NY · Member since 2018 · 25 posts · 13 votes
8y
@Ken Nyczaj. Hey Ken, first off great job on the rehab. Looks fantastic. How different were your numbers from beginning to end ? Meaning your rehab cost, holding, selling price? Were they accurate or off some from what you originally thought? I’m starting my first rehab soon as was just wondering. Thanks Dan
Investor · Grasonville, MD · Member since 2017 · 453 posts · 415 votes
8y
@Nicole Marshall thank you. We tried to do upscale modern finishes that would give us the edge verse the competition. And unique features that you wouldn’t find in any house under $300,000.
@Ned Carey thank you Ned, you’ve given me some guidance along the way this year and I’m grateful for it.
Flipper/Rehabber · West Caldwell, NJ · Member since 2015 · 6 posts · 2 votes
8y
@Ken Nyczaj Congratulations on a beautifully done and successful flip! Question - How did you go about selecting the verbiage and format for the letters you sent out? Anything specific that you thought worked best for you?
Property Manager · Jacksonville, FL · Member since 2018 · 514 posts · 470 votes
8y
@Ken Nyczaj Beautiful house Ken, especially the kitchen!! Looking to do my first flip in the next few months once our second rental property closes. I'll be excited to post the results once it's done. Thanks for sharing!