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!
Great work! It says this is your first Flip. Looking at how fast you flipped it and the quality of work you did to upgrades and the total profit. Id say you had quite a bit of Real Estate knowledge before hand. What type of experience or training prepared you for this?
Investor · New York, NY · Member since 2017 · 3 posts · 1 vote
8y
Amazing work Ken on your first rehab from top to bottom. Your attention to detail will serve you well going forward. Good luck on your future flips as well as your real estate exam!
Investor · Grasonville, MD · Member since 2017 · 453 posts · 415 votes
8y
@Rik Patel I used the BP Calculators and added in costs like- financing at our 6.25% interest rate (interest only), taxes, insurance, electric, county sewer. Broke all that down into per month cost and spread it out over 90 days for a total holding cost.