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! Great job, thank you for sharing, especially the DM part, it can get discouraging at times with direct mailing but so worth the follow up, time, and constant mailing to get to the ROI. So glad you never gave up, very inspiring and motivational. Keep moving forward!
@Lana S. The seller was a traveling road service tech for a manufacturer who was never home. After receiving our 4th letter he called and asked us to look at his property since he was thinking of moving to Philadelphia where the companies HQ is at.
The property had not been updated, serviced or anything done since when it was built in the early 90's. For 20 years he was on the road for 80% of the year, and was just looking for a fresh start in life.
- New roof, some new plywood underneath, architectural shingle, flashings, drip edge.
- Blown insulation in attic
- New deck
- Crawlspace remediation and encapsulation- french drain, sump pump, blown insulation, vapor barrier, dehumidifier.
- Landscaping front and back beds. French drain added to back yard near deck steps to drain stagnant water.
- New HVAC, return lines, air handler, heat pump, condenser.
- Wood floors throughout house except bathrooms
- Primed/ Painted whole house, including cabinets and front door.
-All new appliances + washer/ dryer, hot water heater, 3 stage water filtration process.
- Custom Island
- Granite countertop and new sink.
- Custom trim and crown molding in kitchen and custom shiplap back splash.
- Whole house installed recessed lights- around 30
- All doors inside are new.
- Guest bath- new vanity, mirror, toilet, tile floor, cast iron tub, tile surrounding tub with niche.
- Master bath- new vanity (w/ toe kick light), mirror, toilet, tile floor, tile shower w/ custom glass insert and two shower heads with diverter and two niches.
Wow the house looks amazing. It looks as if you've been doing this for a while. Did you have a background in real estate before you jumped into flipping houses?
@Ken Nyczaj - Very nice work man! I'm curious of the breakdown by room of your remodel if you have it. Like to compare what my estimates are and to my first flip. I'm budgeting for a flip right now and want to make sure my numbers are in line. Did you use a GC or were you the GC?
I cannot say the success came from any one resource in particular, but from the collection of knowledge I have become obsessed with since the beginning of 2018- it is a mixture of podcasts, books, forums, blogs- with podcasts and forums being the base for my knowledge. If you're not already, become obsessed with RE investing, if you're not obsessed then it may not be your path.
It cannot be underestimated that I had the right team in place. So much at BP emphasizes building a team around you- on my team the main contributors were a GC and a partner with good credit and bookkeeping/ tax skills. I am our acquisitions manager. Find partners who make-up where you lack at, If you're looking for a GC, go to the gym, a lot of them hit the gym first thing in the morning at 5 am- the other LLC I'm a part of has me and one other gentlemen who is one of the top GC's in my area. We haven't closed on a deal yet, but when we do, I know it will be successful due to his knowledge.
Books will get your mind set to be consistently thinking about investing, bettering yourself, having the right mindset. Here are some books I'd recommend to read in order:
1) miracle morning (it got my mindset to be unstoppabley positive, and I wake up at 2:45am most morning and dominate my days, I do go to bed at 9pm though which is great, for me nothing productive happens after 9pm)
2) Cashflow quadrant then rich dad poor dad (it will get you in the investor mindset)
3) Millionaire real estate investor (helped me figure out why I want to get into real estate)
4) Jay Scott book on flipping or Brandon Turner's book on rental properties (find what you're niche is)
5) Think and Grow Rich (everything in that book just made sense to me. Thought, Desire, Faith, Imagination- it is where everything we know made by man/ woman comes from) (it's a tough read but BELIEVE in the process)
Podcast 108, Podcast 226 Some of my favorite podcasts for motivation. Investing isn't about buying things only for yourself, it's about taking care of those around you. "Make it, earn it, build it, and then you give it away"