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! Can you please elaborate a bit more on the structure of the partnership and who put up the capital? For example, I'm curious how you structured both the contractor and lawyers stakes since they were providing legal and construction services.
@Ken Nyczaj, congratulations on your flip. Well done. Couple of questions: how big was that kitchen, and how big was the island? Thank you, Dan Bryskin
@Kate J. the cabinets are all original (same doors) from 93’, they were painted by our painting contractor who painted the whole house. New hardware put on, new sink, new granite countertop. Custom Island was built, crown molding, wine rack, and trim was built around the fridge. Recessed lighting was installed throughout the kitchen as well.
Congratulations. I'm new to real estate investing and haven't seen a rehab cost that high on a SFR, what would you say contributed the most to the rehab cost of $70,000?