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!
@Ken Nyczaj congrats on your first flip looks awesome. Just curious with a house that was built in the 90's what rehab did you end up having to do besides what you showed in the pictures. Do you care to share what the $70k was spent on? Again congrats and look forward to your insight.
@Daniel Bork hey Dan, great questions. As our marketing strategy we write that we will pay all closing costs. I underestimated this by about $4,000. Purchase was $108,000 and closing was $8600- now I know even on inexpensive properties it can be that much. Rehab we were slightly under our estimated $70,000. Holding we were right on at 90 days start to finish.
@Ken Nyczaj great job. Fantastic numbers. Love how much effort you put into keeping the old toilet operational as long as possible. Been there done that 😂
@David Zheng@Cara Lonsdale@Annie Levan thank you all. The majority of our budget went into the kitchen and bath. Around $25,000 total for those. The master bath we spent about double than the guest bath.
@Ken Nyczaj Congratulations on your first flip! I am curious about the house you purchased. Can you share what the sellers situation was? Were they a distressed buyer of some sort?
@Louis Giasullo we started with typical yellow letters printed with red font, then some hand written and then a business letter with letter head. The verbiage was indirect saying- Introduction.... then if you are interested or know anyone interested in selling please call me anytime. That way it wasn’t aggressively marketed towards the individuals.